Performance Food Group misses on revenue but holds its full-year outlook

First-quarter earnings per share of $1.32 beat by a cent, but sales of $18.02B came in below the $18.38B expected.

Performance Food Group missed first-quarter revenue expectations, reporting sales of $18.02B against $18.38B expected, and left its full-year targets unchanged. Earnings per share of $1.32 were a cent better than expected.

The company still expects fiscal 2027 net sales of about $72.5bn to $73.0bn and Adjusted EBITDA of about $2.125bn to $2.225bn. That is management's own forecast, and holding it after a miss leaves the year resting on share gains.

CEO Scott McPherson said those gains and efficiency initiatives drove case volume, revenue and margin growth. He expects more of them despite what he called a challenging macroeconomic environment. The quarter's revenue shortfall is the reason to ask whether they will reach the top line fast enough.

The next test comes in the second quarter, for which the company expects net sales of about $17.0bn to $17.2bn and Adjusted EBITDA of about $490m to $510m.