Why Performance Food Group Stock Jumped 13.5% in the First Hour of Trading Today
Shares of Performance Food Group (NYSE: PFGC), a food distributor serving restaurants, businesses, and schools, among many others, rose a quick 13.5% out of the gate on Feb. 9. The news driving the advance was the company's pre-market release of fiscal second-quarter 2022 earnings. Investors liked what they saw.
Sales at Performance Food Group came in at $12.8 billion in the second quarter of fiscal 2022, up nearly 88% year over year. That number is a bit complicated, however, because $4.2 billion of the sum is related to the company's acquisition of competitor Core-Mark. That said, price increases and the waning impact of the coronavirus pandemic were also net benefits. The upshot is that the company had a solid quarter on the top line with the Core-Mark purchase adding notably to the business. Sales were in line with analyst expectations.
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Source Fool.com