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Performance Food Group profit misses consensus by 17.2% in fiscal Q3

Performance Food Group Co. said its normalized net income for the fiscal third quarter ended April 1 amounted to 20 cents per share, compared with the S&P Capital IQ consensus estimate of 24 cents per share.

EPS climbed year over year from 10 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $20.6 million, a gain from $9.7 million in the third quarter ended March 26, 2016.

The normalized profit margin rose to 0.5% from 0.2% in the year-earlier period.

Total revenue rose 8.3% on an annual basis to $4.24 billion from $3.91 billion, and total operating expenses rose 8.2% from the prior-year period to $4.19 billion from $3.87 billion.

Reported net income increased year over year to $20.6 million, or 20 cents per share, from $9.1 million, or 9 cents per share.