PFG reports strong Q4 earnings and announces $2.1B acquisition of Cheney Brothers

Performance Food Group Co

Q4 net sales $15.2B (+2.2%); net income $166.5M (+10.9%); Adj Diluted EPS $1.45 (+27.2%).
FY2024 net sales $58.3B (+1.8%); net income $435.9M (+9.7%); Adj Diluted EPS $4.30 (+10.8%); operating cash flow $1.2B.
Acquiring Cheney Brothers for $2.095B cash; target has ~$3.2B annual revenue; purchase price multiple 9.9x including $50M synergies.
Expected to close in calendar 2025; accretive to Adj Diluted EPS by end of first full fiscal year; $50M annual synergies by year 3.
Also closed José Santiago acquisition in July 2024; strong organic independent case volume growth of 3.7% in Q4.

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