Stock Alert: Performance Food Group Stock Rises

(RTTNews) - Shares of Performance Food Group Corp. (PFGC) are rising almost 1 percent in the morning trade on Wednesday, to $52.69, after the company reported strong revenue growth for the second quarter and forecast full-year earnings above analysts' estimates.

The stock has been trading in a range of $35.97 to $53.35 in the past 52 weeks.

Wednesday, Performance Food Group said its net income for the second quarter declined to $41.2 million or $0.39 per share from $43.1 million or $0.41 per share in the year-ago period. However, adjusted earnings for the quarter were $0.58 per share, higher than $0.53 per share last year.

Net sales grew 31.5 percent to $6.07 billion from $4.62 billion in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter on revenues of $6.13 billion.

For fiscal 2020, Performance Food Group projects adjusted earnings in a range of $2.17 to $2.28 per share, representing a growth rate of 2 percent to 7 percent over its fiscal 2019 adjusted earnings of $2.13 per share. The Street expects earnings of $2.03 per share for the year.