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Performance Food Group profit misses consensus by 23.4% in fiscal Q4

Performance Food Group Company said its normalized net income for the fiscal fourth quarter ended July 2 came to 30 cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS increased 28.7% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $30.4 million, an increase of 49.8% from $20.3 million in the fourth quarter ended June 27, 2015.

The normalized profit margin increased to 0.7% from 0.5% in the year-earlier period.

Total revenue climbed 9.8% on an annual basis to $4.37 billion from $3.98 billion, and total operating expenses rose 9.5% from the prior-year period to $4.31 billion from $3.93 billion.

Reported net income fell 12.2% from the prior-year period to $30.0 million, or 29 cents per share, from $34.2 million, or 39 cents per share.

For the year, the company's normalized net income totaled 73 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 99 cents.

EPS rose 42.8% from 51 cents in the prior year.

Normalized net income was $71.6 million, a gain of 59.9% from $44.8 million in the prior year.

Full-year total revenue grew 5.5% year over year to $16.10 billion from $15.27 billion, and total operating expenses increased 5.2% on an annual basis to $15.90 billion from $15.11 billion.

The company said reported net income increased 22.5% on an annual basis to $68.7 million, or 70 cents per share, in the full year, from $56.1 million, or 64 cents per share.