Vistar delivers double-digit sales growth and strong cash flow; reaffirms 2019 full-year fiscal outlook.
COMPANY FINANCIAL RELEASE — Performance Food Group Company (“PFG”) announced its second-quarter and first-half fiscal 2019 business results.
“Our second quarter results were strong driven by Vistar’s robust top-line results,” said George Holm, PFG’s Chairman, President & Chief Executive Officer. “Vistar is having an outstanding year and grew its EBITDA by over 30% in the second quarter. We are also pleased to have experienced sequential improvement in our Foodservice segment as our strategic investments continue to be on track to support our long-term growth objectives. We are on track for another year of strong growth across our Company.”
Second-Quarter Fiscal 2019 Highlights
- Total case volume grew 5.5%
- Net sales increased 7.1% to $4.6 billion
- Gross profit improved 8.3% to $614.6 million
- Net income declined 44.7% to $43.1 million primarily due to the prior year impact of the Tax Cuts and Jobs Act
- Adjusted EBITDA increased 11.3% to $116.9 million
- Diluted Earnings Per Share (“EPS”) decreased 45.3% to $0.41
- Adjusted diluted EPS increased 15.0% to $0.461
First-Half Fiscal 2019 Highlights
- Total case volume grew 4.6%
- Net sales increased 5.5% to $9.2 billion
- Gross profit improved 7.7% to $1.2 billion
- Net income declined 29.1% to $71.3 million
- Adjusted EBITDA increased 8.5% to $212.4 million
- Diluted EPS decreased 29.2% to $0.68
- Adjusted diluted EPS increased 19.4 % to $0.80
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