Performance Food Group has announced higher net sales and net earnings for the third quarter ended Sept 28, 2002.
Sales for third-quarter 2002 amounted to $1.2 billion, up 46% from $798.8 million in the year-earlier period. Net earnings for the quarter surged 42% to $16.0 million compared with $11.3 million a year ago. Results for third-quarter 2002 include the impact of an ammonia leak at the company's Springfield MA facility that amounted to $4.8 million before taxes.
Sales for the first nine months of 2002 totaled $3.2 billion, up 40% from $2.3 billion in the year-earlier period. Net earnings for the same period shot up 80% to $49.0 million compared with $27.2 million a year ago. Results for the year-earlier quarter and nine-month period have been restated to reflect a correction of accounting errors at one of the company's subsidiaries.