Sysco Beats Expectations, Rallies Despite Challenges
HOUSTON, TX - Foodservice provider Sysco has announced financial results that beat estimates—defying expectation in a challenging market. The company boasted increased sales, gross profit, and case growth.
“We had a solid quarter, driven by strong top-line results that translated into healthy gross profit dollar growth,” said Tom Bené, Sysco’s President and Chief Executive Officer. “Despite some ongoing cost challenges, we remain on target to deliver on our current three-year plan.”
Highlights from the company’s third quarter include:
- Sales increased 6.1% to $14.3 billion
- Gross profit increased 5.6% to $2.7 billion; gross margin decreased 9 basis points to 18.65%
- Operating income increased 11.5% to $486 million; adjusted operating income increased 7.1% to $536 million
- Earnings Per Share (EPS) increased $0.19 to $0.63; adjusted EPS increased $0.16 to $0.67
The company also noted that it saw significant tax benefits during the quarter. As a result, earnings per share growth of 43.2% exceeded operating income growth of 11.5%.
For more details from Sysco’s financial report, click here.
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