Food distribution giant Performance Food Group (NYSE: PFGC) will be reporting results this Wednesday before market hours. Here’s what to expect.
Performance Food Group beat analysts’ revenue expectations last quarter, reporting revenues of $16.29 billion, up 6.4% year on year. It was a mixed quarter for the company, with full-year revenue guidance meeting analysts’ expectations but full-year EBITDA guidance meeting 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 7% year on year, slowing from the 11.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will 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 Q2 results, giving us a hint as to what we can expect. US Foods delivered year-on-year revenue growth of 4.5%, beating analysts’ expectations by 0.6%, and Sysco reported revenues up 4.7%, topping estimates by 0.8%. US Foods traded up 8.3% following the results while Sysco’s stock price was unchanged.
Read our full analysis of US Foods’s results here and Sysco’s results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices flat over the last month. Performance Food Group’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $123.31 (compared to the current share price of $113.78).
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