Performance Food Group misses by $0.08, misses on revs; guides FY19 EPS below consensus
- Reports Q4 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of $0.61; revenues rose 3.7% year/year to $4.59 bln vs the $4.66 bln Capital IQ Consensus.
- Total case volume increased 3.3% for the fourth quarter of fiscal 2018 compared to the prior year period, with underlying organic growth of 2.9%. Total case volume included a 5.3% increase in independent cases, growth in Performance Brands cases and broad-based growth across Vistar's sales channels, partially offset by declines in the casual dining segment within PFG Customized.
- EBITDA increased 11.6% in the fourth quarter of fiscal 2018 compared to the prior year period, to $128.3 million. For the quarter, Adjusted EBITDA rose 3.0% to $135.4 million compared to the prior year period.
- Co issues downside guidance for FY19, sees EPS of $1.72-1.82, excluding non-recurring items, vs. $1.93 Capital IQ Consensus Estimate; expects Adjusted EBITDA growth to be in a range of 7% to 10% over its fiscal 2018 Adjusted EBITDA of $426.7 million..Outlook assumes organic case growth in a range of 3% to 5%
