Performance Food Trucks Along in 2Q, but Competitive Pressures Persist; Shares Fairly Valued
No-moat Performance Food Group reported second-quarter results in line with our top-line expectations, as sales for the quarter increased 6.4% versus our full-year estimate of 6.5%, driven by aggregate case volume growth of 4.2% (including 6.5% growth with independent restaurants) as well as food cost inflation of just north of 2%. The company exceeded our profit outlook, as a positive channel mix supported gross margin expansion of 40 basis points to 13.2% versus our expectation of 12.9% for th...Performance Food Group is a holding company. Through its subsidiaries, the company markets and distributes food and food-related products. The company's products include frozen foods, such as meats, appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products. The company also supplies non-food items including paper products such as pizza boxes, disposable napkins, plates and cups; tableware such as china and silverware; cookware such as pots, pans, and utensils; restaurant and kitchen equipment and supplies; cigarettes and other tobacco products; and cleaning supplies.
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