Performance Food Group (PFGC) FY2019 results: revenue $19.7 billion, up 12.1% on the year
Performance Food Group Co. (PFGC) reported revenue of $19.7 billion for fiscal 2019, the year ended 29 June 2019, up 12.1% on the year before. Net income was $167 million, down 16.1%, and diluted earnings per share $1.59. The figures are the company's own, from the 10-K it filed with the SEC on 16 August 2019.
Revenue
$19.7 billion
+12.1% on the year
FY2014FY2019
Operating margin
1.4%
1.4% a year earlier
FY2014FY2019
Net income
$167 million
-16.1% on the year
FY2014FY2019
Diluted EPS
$1.59
-16.3% on the year
FY2014FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
19,744
17,620
16,762
+12.1%
Cost of revenue
17,230
15,327
14,637
+12.4%
Gross profit
2,513
2,293
2,125
+9.6%
Gross margin
12.7%
13.0%
12.7%
Operating income
283
254
211
+11.8%
Operating margin
1.4%
1.4%
1.3%
Interest expense
65.4
60.4
54.9
+8.3%
Pre-tax income
218
194
158
+12.8%
Income tax
51.5
-5.1
61.4
Effective tax rate
23.6%
-2.6%
38.9%
Net income
167
199
96.3
-16.1%
Net margin
0.8%
1.1%
0.6%
Diluted EPS
$1.59
$1.90
$0.93
-16.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
317
367
202
-13.5%
Capital expenditure
139
140
140
-0.7%
Free cash flow
178
227
61.5
-21.4%
Free cash flow margin
0.9%
1.3%
0.4%
Cash from investing
-349
-209
-332
Cash from financing
39.6
-161
128
Depreciation and amortisation
155
130
126
+19.1%
Share-based compensation
15.7
21.6
17.3
-27.3%
Buybacks
9.3
n/a
n/a
Diluted shares, weighted
105m
105m
103m
+0.6%
Shares outstanding at period end
104m
103m
101m
+0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,298
1,135
926
+14.3%
Debt
1,203
1,123
1,248
+7.1%
Finance lease liabilities
129
n/a
n/a
Other liabilities
2,024
1,743
1,631
+16.1%
Total liabilities and equity
4,654
4,001
3,804
+16.3%
Fixed assets
950
796
741
+19.5%
Goodwill
766
740
719
+3.4%
Intangible assets
194
194
201
+0.3%
Cash and equivalents
14.7
17.8
21.0
-17.4%
Receivables
1,227
1,066
1,028
+15.2%
Inventory
1,357
1,052
1,013
+29.0%
Other assets
144
136
80.9
+6.0%
Total assets
4,654
4,001
3,804
+16.3%
10-K for the year ended 29 June 2019, filed 16 August 2019: the filing.