Performance Food Group (NYSE:PFGC) reported its Q1 results last week, with EPS of $1.08 coming in better than the Street estimate of $0.80. Revenue was $14.7 billion, compared to the Street estimate of $14.41 billion.

The company expects Q2/2023 revenue to be in the range of $13.6-13.9 billion, compared to the Street estimate of $13.74 billion. For the full 2023-year, the company expects revenue in the range of $57-59 billion, compared to the Street estimate of $57.4 billion.

While guidance raises are always "good," the analysts at Deutsche Bank believe this one had particular significance in that it firmly established the idea that the fiscal 2023 EBITDA "base" is significantly higher than some might have thought when the guidance was originally issued back in mid-August. In this particular case, the importance in the size of the "2023 base" here lies in its relationship to the company’s fiscal 2025 adjusted EBITDA target range of $1.5-$1.7 billion, which was reaffirmed with these results.