Food distribution giant Performance Food Group (NYSE: PFGC) will be reporting results this Wednesday before market open. Here’s what you need to know.
Performance Food Group met analysts’ revenue expectations last quarter, reporting revenues of $16.44 billion, up 5.2% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates and EBITDA guidance for next quarter missing analysts’ expectations.
Is Performance Food Group a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Performance Food Group’s revenue to grow 5.6% year on year, slowing from the 10.5% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Performance Food Group has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Performance Food Group’s peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Sysco delivered year-on-year revenue growth of 4.7%, meeting analysts’ expectations, and Rush Street Interactive reported revenues up 41.1%, topping estimates by 11.3%. Sysco traded down 1.8% following the results while Rush Street Interactive was up 16.6%.
Read our full analysis of Sysco’s results here and Rush Street Interactive’s results here.
There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 4.4% on average over the last month. Performance Food Group is up 1.1% during the same time and is heading into earnings with an average analyst price target of $117.83 (compared to the current share price of $86.95).
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