Performance Food Group Company Announces $300 Million Share Repurchase Program
Performance Food Group Company (PFG) (NYSE:PFGC) today announced that its Board of Directors authorized a share repurchase program for up to $300 million of the Company's common stock with a four-year term
RICHMOND, Va.--(BUSINESS WIRE)--Nov 16, 2022--
Performance Food Group Company (PFG) (NYSE:PFGC) today announced that its Board of Directors authorized a share repurchase program for up to $300 million of the Company's common stock with a four-year term.
Repurchases of the Company’s outstanding common stock will be made in accordance with applicable securities laws and may be made at management’s discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. The Company intends to fund the program with a combination of cash on hand, cash generated from operations and borrowings under the Company’s credit facility. This program replaces the previously authorized $250 million share repurchase program.
“The decision to authorize this share repurchase program underscores the confidence PFG’s Board of Directors has in our business momentum, financial position and free cash flow profile,” said Jim Hope, PFG’s Executive Vice President and Chief Financial Officer. “This share repurchase program provides an opportunity to return capital to shareholders, while we continue to execute our main strategic priorities -- sustained, profitable, sales growth, adjusted EBITDA margin expansion and lower leverage.”
