PFG Net Earnings Grow 26%; Broadline Sales Increase 16% in 2Q

Pointing out that internal sales and earning growth were driven by company's operational excellence and "outstanding" customer service, Bob Sledd, Chairman and Chief Executive Officer noted, "Sales in the broadline distribution segment increased approximately 16% in the second quarter compared to the prior year period. Inflation amounted to approximately 2% in the quarter."

The sales increases in the quarter were also the result of previously announced new business rollouts and incremental growth with existing customers, Sledd explained. He also noted that in the third quarter, the distributorship is experiencing "some transition related inefficiencies" stemming from its exit of certain multi-unit business in one region and its move to new multi-unit replacement business in another region.

"We expect to have worked through these transitions by the end of the third quarter," he said.

PFG reported that consolidated net sales from continuing operations in the second quarter increased to approximately $1.5 billion, a 13% increase compared to the prior year period. Inflation was approximately 1% in the second quarter. Net earnings from continuing operations amounted to approximately $12.2 million compared to approximately $9.7 million in the year earlier period


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