Performance Food Group Company (PFGC) Q4 2024 earnings summary

Executive summary

• Announced agreement to acquire Cheney Brothers for $2.1 billion and completed acquisition of José Santiago, expanding presence in the Southeast U.S. and Caribbean.

• Fiscal 2024 closed with record adjusted EBITDA, net income, and diluted EPS growth, supported by strong cash flow generation.

• Organic independent Foodservice case volume rose 3.7% in Q4 and 6.0% for the year.

• Focus remains on profitable growth, operational efficiency, and leveraging M&A for long-term value.

Financial highlights

• Q4 2024 adjusted EBITDA grew 18.4% year-over-year to $456.2 million; full-year adjusted EBITDA up 10.5% to $1.5 billion.

• Q4 net income was $166.5 million, up 10.9% year-over-year; full-year net income up 9.7% to $435.9 million.

• Q4 diluted EPS rose 11.5% to $1.07; full-year diluted EPS up 9.8% to $2.79.

• Q4 adjusted diluted EPS up 27.2% to $1.45; full-year adjusted diluted EPS up 10.8% to $4.30.

• Operating cash flow for fiscal 2024 was $1.2 billion; free cash flow was $767 million.

Outlook and guidance

• Fiscal 2025 net sales expected between $60-$61 billion; adjusted EBITDA projected at $1.6-$1.7 billion.

• Q1 2025 net sales guidance: $15.2-$15.5 billion; adjusted EBITDA: $400-$420 million.

• Guidance includes full-year benefit from José Santiago, but excludes Cheney Brothers until deal closes.

• Expect higher growth rates in sales and EBITDA in the final three quarters of fiscal 2025.