RICHMOND, Va.–(BUSINESS WIRE)–February 24, 2022–
Performance Food Group Company (PFG) (NYSE: PFGC) Chairman and Chief Executive Officer George Holm and Executive Vice President and Chief Financial Officer Jim Hope will address investors at CAGNY’s 2022 virtual conference.
PFG will webcast its presentation today, Thursday, February 24, at 12:40 p.m. ET. The webcast will be available in listen-only mode on investors.pfgc.com.
PFG reaffirms its outlook for the third fiscal quarter of 2022 and continues to expect net sales to be in the range of $12.9 billion to $13.1 billion and adjusted EBITDA to be in the in the range of 220 to 230 million dollars.
For the full year 2022, PFG continues to expect net sales to be in the range of $50-51 billion and adjusted EBITDA to be in the range of $970-990 million. of dollars. This outlook includes the impact of 10 months of Core-Mark trading results.
PFG’s adjusted EBITDA outlook excludes the impact of certain revenue and expense items that management believes are not part of the underlying operations. These items may include, but are not limited to, loss on early extinguishment of debt, restructuring charges, certain tax items and charges associated with one-time professional and legal fees associated with acquisitions. Management of PFG cannot prospectively estimate the impact of these income and expense items on its reported net income, which could be material, difficult to predict and could be highly variable. Accordingly, PFG does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook. Please see the “Forward-Looking Statements” section of this release for a discussion of certain risks relating to PFG’s outlook.
About Performance Food Group
Performance Food Group is an industry leader and one of the largest food distribution and foodservice companies in North America with over 150 locations in the United States and parts of Canada. Founded and based in Richmond, Virginia, PFG and our family of companies market and deliver quality food and related products to more than 300,000 locations, including independent restaurants and chains; businesses, schools and healthcare facilities; vending machines and office coffee machines; and big box retailers, theaters and convenience stores. PFG’s success as a Fortune 200 company is achieved through our more than 30,000 dedicated associates who are committed to building strong relationships with the valued customers, suppliers and communities we serve. To learn more about PFG, visit pfgc.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements relating to our expectations regarding our business performance, financial results, liquidity and capital resources,the integration of our acquisition of Core-Mark and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook”, “believes”, “expects”, “potential”, “continues”, “may”, “will”, “should”, ” may,” “seek,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these or other comparable words.
These forward-looking statements are subject to various risks and uncertainties. The following factors, in addition to those discussed in the section titled Item 1A. Risk Factors in PFG’s Annual Report on Form 10-K for the fiscal year ended July 3, 2021 filed with the Securities and Exchange Commission (the “SEC”) on August 24, 2021 as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.govcould cause actual future results to differ materially from those expressed in the forward-looking statements:
- the material adverse impact that the COVID-19 pandemic has had and is expected to continue to have on global markets, the restaurant industry and our business in particular, including effects on vehicle miles travelled, the financial health of our business partners, supply chains and financial and capital markets;
- competition in our industry is intense and we may not be able to compete successfully;
- we operate in a low-margin industry, which could increase the volatility of our results of operations;
- we may not realize the anticipated benefits of our efforts to reduce operating costs and improve productivity;
- our profitability is directly affected by cost inflation and deflation and other factors;
- we do not have long-term contracts with some of our customers;
- group buying organizations may become more active in our industry and increase their efforts to add our customers as members of these organizations;
- changes in consumer eating habits;
- extreme weather conditions, including earthquakes and other damage caused by natural disasters;
- our reliance on third-party vendors;
- labor relations and risks relating to costs and the availability of skilled labor;
- volatility of fuel and other transportation costs;
- the inability to adjust the cost structure when one or more of our competitors successfully implements lower costs;
- we may not be able to increase our sales in the higher margin part of our business;
- changes in the pricing practices of our suppliers;
- our growth strategy may not achieve the expected results;
- risks relating to acquisitions, including the risk that we may not be able to realize the benefits of acquisitions or successfully integrate the businesses we acquire;
- environmental, health and safety costs;
- the risk that we will not comply with requirements imposed by applicable law or government regulations, including increased regulation of e-cigarettes and other nicotine products;
- a portion of our sales volume depends on the distribution of cigarettes and other tobacco products, sales of which are generally declining;
- if the products we distribute are suspected of causing injury or illness or fail to comply with government regulations, we may have to recall our products and face product liability claims
- our dependence on technology and the risks associated with disruption or delay in the implementation of new technologies;
- the costs and risks associated with a possible cybersecurity incident or other technological disruption;
- product liability claims related to products we distribute and other disputes;
- adverse judgments or settlements or unexpected results of legal proceedings;
- negative media exposure and other events that damage our reputation;
- decrease in earnings from amortization expense associated with acquisitions;
- impact of uncollectible accounts receivable;
- difficult economic conditions affecting consumer confidence;
- increased excise taxes or reduced credit terms by tax jurisdictions;
- the cost and adequacy of insurance coverage and the increase in the number or severity of insurance expenses and claims;
- risks relating to our outstanding debt;
- our ability to raise additional capital;
- the following risks related to the acquisition of Core-Mark:
- the possibility that the synergies and value creation expected from the acquisition may not be realized or may not be realized within the expected time frame;
- the risk that unexpected costs will be incurred in connection with the integration of the acquisition or that the integration of Core-Mark will be more difficult or take longer than expected;
- inability to retain key personnel;
- disruption of the acquisition, including potential adverse reactions or changes in business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; and
- the risk that the combined company may not be able to effectively manage its expanded business.
Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this release and in our filings with the SEC. Any forward-looking statements, including those contained herein, speak only as of the time of this release or the date on which they were made and we undertake no obligation to update or revise them as more information becomes available or to disclose facts, events, or circumstances after the date of this press release or our statement, as the case may be, that may affect the accuracy of any forward-looking statement, except as required by law .
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Vice President, Investor Relations
Director, Communications and Engagement
KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA
INDUSTRY KEYWORD: RESTAURANT/BAR TRUCKING SUPPLY CHAIN MANAGEMENT FOOD/BEVERAGE LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORTATION DISCOUNT/VARIETY RETAIL
SOURCE: Performance Food Group Company
Copyright BusinessWire 2022.
PUB: 02/24/2022 07:00 / DISC: 02/24/2022 07:02
Copyright BusinessWire 2022.