Why Performance Food Group Stock Was Vaulting High This Week
Performance Food Group's (NYSE: PFGC) shares were performing very well over the past few trading sessions, to the point where they were up by nearly 12% in price week to date as of early Friday morning. That's according to data compiled by S&P Global Market Intelligence. The main reason why wasn't exactly a mystery -- the comestibles company posted a very encouraging quarterly earnings report.
Performance served up its fiscal fourth-quarter results well before market open on Tuesday, revealing that its net sales rose by more than 2% to $15.2 billion for the period. Net income saw a more dramatic increase, rising by almost 11% to $166.5 million. On a per-share, non-GAAP (adjusted) basis the difference was even starker -- net income landed at $1.45, against fiscal fourth-quarter 2023's $1.14.
With those numbers, Performance missed narrowly on net sales. Analysts tracking the stock were collectively expecting nearly $15.3 for that line item. However, the company's adjusted profitability nicely topped expectations, as the average prognosticator estimate was only $1.37 per share.
Source Fool.com
