Performance Food Group Company Down 1.37% To $52.59 After Earnings Beat

Performance Food Group Company (PFGC) said before open Wednesday that it earned $1.07 per share in quarter four 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $14.6 billion, beating estimates by $30 million.

In the same quarter a year ago, the company earned $0.56 per share on revenue of $9.3 billion.

The stock is down 1.37% to $52.59 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Performance Food Group Company a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 50. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Performance Food Group is the third-largest U.S. food-service distributor, with 9% market share and a heavy presence along the Eastern seaboard, the Southeast, and the Midwest. PFG's food-service business (expected to be 51% of fiscal 2022 sales) has its largest exposure to national and regional restaurant chains (50% of segment revenue), followed by independent restaurants (36%) and other channels (15%) such as healthcare facilities, hotels, and schools. The firm's Vistar business (49% of sales) is a national distributor of candy, snacks, and beverages to convenience stores, vending and office coffee service distributors, theaters, sporting arenas, and correctional facilities.