The shares were trading up 3.9% at $45.51 on Wednesday. The stock has traded up as much as 6.1% in the session, setting a 52-week high at $46.45.
In the quarter ended June 29, the Richmond, Va., company earned 60 cents a share against 61 cents in the year-earlier quarter. Adjusted net income was 70 cents a share against 53 cents. Revenue rose 28% to $5.9 billion.
A survey of analysts by FactSet produced consensus estimates of adjusted profit of 64 cents a share on revenue of $5.58 billion.
Pretax profit at the company was led by the Vistar business, George Holm, chairman, president and chief executive, said in a statement. Vistar is a wholesale distributor to vending, retail, theater and concessions, hospitality and other industries.
Gross margin for the fourth quarter narrowed to 11.9% from 13.3% a year earlier. The company attributed the narrowing to Eby-Brown, which it acquired in the fourth quarter of fiscal 2019.
Eby-Brown contributed nearly $950 million to net sales. Excluding Eby-Brown, net sales overall at Performance Food Group rose 7.7%.
For fiscal 2020, Performance Food expects adjusted earnings to grow 4% to 10% from fiscal 2019's $1.85 a share. That creates a range of $1.92 to $2.04. The FactSet-derived consensus estimate for the next fiscal year is $2.