Food distribution giant Performance Food Group (NYSE:PFGC) will be reporting earnings this Wednesday before market open. Here’s what to expect.
Performance Food Group missed analysts’ revenue expectations last quarter, reporting revenues of $18.03 billion, up 6.4% year on year. It was a mixed quarter for the company, with full-year revenue guidance meeting analysts’ expectations but EPS in line with analysts’ estimates.
Is Performance Food Group a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Performance Food Group’s revenue to grow 5.5% year on year, slowing from the 10.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Performance Food Group has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Performance Food Group’s peers in the consumer discretionary segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Hilton Grand Vacations delivered year-on-year revenue growth of 50.8%, beating analysts’ expectations by 39.5%, and Hasbro reported revenues up 15%, topping estimates by 7.9%. Hilton Grand Vacations traded up 8.2% following the results while Hasbro was also up 15.7%.
Read our full analysis of Hilton Grand Vacations’s results here and Hasbro’s results here.
There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 5.7% on average over the last month. Performance Food Group is up 7.9% during the same time and is heading into earnings with an average analyst price target of $123.92 (compared to the current share price of $99.88).
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