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NEW YORK - Performance Food Group Co . (NYSE:PFGC) reported lower-than-expected third quarter earnings and revenue on Wednesday, while also reducing its full-year outlook.
The company’s shares fell 1.54% in premarket trading following the release.
The foodservice distributor posted adjusted earnings per share of $0.79 for the quarter ended March 29, missing analyst estimates of $0.89. Revenue grew 10.5% YoY to $15.31 billion but came in slightly below the $15.35 billion consensus forecast.
"While our fiscal third-quarter results were not as strong as we had anticipated, our Company is executing well, and we are making good progress integrating Cheney Brothers and José Santiago," said George Holm, PFG’s Chairman & CEO.
Total (EPA:TTEF) case volume increased 10% in Q3, with independent foodservice case volume up 20%. Net income decreased 17.2% to $58.3 million.
For fiscal 2025, PFG now expects revenue of $63-63.5 billion, compared to its previous guidance of $63-64 billion. The company also lowered its adjusted EBITDA forecast to $1.725-1.75 billion from $1.725-1.8 billion previously.
"As the result of a difficult February period, we are updating our full-year fiscal 2025 guidance and are confident in our fiscal fourth-quarter projections," Holm added.
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