Performance Food Q3 Profit Rises; CFO Bob Evans To Retire

(RTTNews) - Performance Food Group Company (PFGC)reported that its net income for the third quarter of 2016 increased 224.1% to $9.4 million from $2.9 million in the prior year period. Earnings per share grew 200% in the third quarter over the prior year period, to $0.09.

Adjusted earnings per share advanced 36.4% in the third quarter over the prior year period, to $0.15 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share. Analysts' estimates typically exclude special items.

Net sales for the third quarter of fiscal 2016 were $3.9 billion, an increase of 3.0% versus the comparable prior year period. The net sales growth was primarily driven by an increase in cases sold. Net sales for the first nine months were $11.7 billion, an increase of 4.0% versus the comparable prior year period. Wall Street analysts had a consensus revenue estimate of $ 3.91 billion for the quarter.

PFG announced that its Chief Financial Officer, Bob Evans, has notified the company of his intention to retire from the company. The Company is actively working with an executive search firm to assist in the search for Mr. Evans' successor. Evans has agreed to continue to serve as CFO until a successor comes on board and will be available for consulting thereafter to help assure a seamless transition.

For fiscal 2016, PFG increased the bottom end of its previously announced EBITDA growth outlook from 9% to 12% such that its new EBITDA growth outlook is 10% to 12% reflecting the Company's strong year-to-date results. The comparable fiscal 2015 Adjusted EBITDA was $328.6 million. The fiscal 2016 outlook for Adjusted EBITDA includes a 53rd week, which falls in the fourth quarter. The Company anticipates the extra week will add at least two percentage points to the fiscal 2016 outlook for Adjusted EBITDA.