RICHMOND - Performance Food Group Company (NYSE: NYSE:PFGC), a leading food and foodservice distribution company in North America, has announced the appointment of Danielle M. Brown as an independent director on its Board of Directors. The addition of Ms. Brown on Monday expands the board to 12 members. She will also serve on the company's Audit and Finance Committee and Technology and Cybersecurity Committee.
Danielle M. Brown, 53, brings a wealth of experience to PFG's board with over two decades in information technology leadership roles. She currently holds the position of Senior Vice President and Chief Information Officer at Whirlpool Corporation (NYSE:WHR), overseeing its Global Information Technology function. Prior to her tenure at Whirlpool, Ms. Brown was the CIO at Brunswick (NYSE:BC) Corporation for four years and held numerous IT positions at DuPont (NYSE:DD), including Asia Pacific Applications Delivery and Global CIO for Crop Protection.
PFG's Chairman and CEO, George Holm, expressed enthusiasm about Ms. Brown's appointment, citing her extensive IT experience and knowledge as valuable assets that will contribute to the company's strategic vision.
In addition to her new role at PFG, Ms. Brown is a board member at PRA Group (Nasdaq: PRAA) and a non-profit healthcare system, Corewell Health. She is also part of the Executive Leadership Council, which focuses on the development of Black executives.
Ms. Brown's academic credentials include a BS in computer science from Indiana University of Pennsylvania, a master's degree in management information systems from Penn State University, and an MBA from Drexel University. Furthermore, she is a certified Six Sigma Black Belt, a level of certification that denotes expertise in process improvement.
Performance Food Group is headquartered in Richmond, Virginia, and operates more than 150 locations across North America. The company serves a diverse range of customers, including restaurants, schools, healthcare facilities, and convenience stores. PFG's success is driven by its commitment to building strong relationships with customers, suppliers, and the communities it serves. The information regarding Ms. Brown's appointment is based on a press release statement from Performance Food Group Company.
In other recent news, Performance Food Group (PFG) reported modest sales growth in its fiscal third quarter of 2024, with net sales reaching $13.9 billion, a 0.6% increase compared to the same period last year. The company's net income experienced a 12.3% decrease year-over-year, falling to $70.4 million. The Foodservice segment displayed a 1% increase in sales, while the Vistar vending segment reported a 1.7% increase in net sales despite flat case volume. PFG's adjusted EBITDA for the quarter rose by 1.9% to approximately $321 million.
Looking ahead, PFG anticipates sequential improvement in sales and strong profit growth in the fourth quarter and into fiscal 2025. The company expects net sales for fiscal Q4 to be between $15 billion and $15.4 billion, with adjusted EBITDA between $430 million and $450 million. PFG remains optimistic about long-term growth and plans to deploy cash flow towards strategic investments.
InvestingPro Insights
Performance Food Group Company (PFGC) has recently welcomed Danielle M. Brown to its board, a move that aligns with the company's strategic vision and its focus on leveraging technology for growth. In light of this development, let's look at some key financial metrics and insights from InvestingPro that provide a broader context for PFGC's current market position.
As of the last twelve months leading up to Q3 2024, PFGC has a market capitalization of $10.29 billion, reflecting its significant presence in the Consumer Staples Distribution & Retail industry, where it is recognized as a prominent player. This stature in the market is supported by its solid financials, including a notable revenue of $54.06 billion. Despite a slight revenue decline of 3.26% over the last twelve months, the company's revenue valuation multiple remains low, indicating a potentially undervalued stock, especially when considering the P/E ratio of 24.28.
InvestingPro Tips highlight that PFGC is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.83 suggesting that the company's earnings growth may outpace its P/E ratio. This is a critical metric for investors looking for growth at a reasonable price. Additionally, PFGC does not pay a dividend, which may be of interest to investors focused on capital gains rather than income.
Furthermore, analysts predict that PFGC will be profitable this year, a forecast supported by the company's profitability over the last twelve months. This is a testament to the company's operational efficiency and market strategy. Moreover, PFGC's liquid assets exceed its short-term obligations, indicating a strong liquidity position that can support ongoing operations and strategic initiatives.
For readers interested in a deeper dive into PFGC's financial health and future prospects, InvestingPro offers a wealth of additional insights. There are currently 7 more InvestingPro Tips available for PFGC at https://www.investing.com/pro/PFGC, which can provide a more nuanced understanding of the company's financials and market performance. Additionally, by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable analysis and data to inform investment decisions.
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