Written by StockNews.com
Sysco Corporation (NYSE:SYY) early Monday posted mixed fiscal third quarter earnings results, as revenues rose significantly from last year and beat expectations, although bottom line profit was slightly lower than expected.
The Houston-based food distributor reported Q3:
- earnings per share (EPS) of $0.51, which was $0.01 worse than the Wall Street consensus estimate of $0.52 [while]
- revenues rose 12.7% from last year to $13.52 billion, however, beating analysts’ view for $13.14 billion.
- its U.S. Foodservice segment revenue gained 2.2% year-over-year to $9.2 billion....
- [its] International Foodservice segment revenue nearly doubled to $2.5 billion, from $1.3 billion last year.
The company commented via press release:
“We saw solid operating income growth, driven by strong local case growth and effective expense management.
We are making continued progress on our strategic multi-year initiatives, which provide a platform for ongoing value creation for our customers, associates and shareholders.”
Sysco Corporation shares rose $0.19 (+0.34%) in premarket trading Monday. Year-to-date, SYY has gained 1.14%, versus a 7.70% rise in the benchmark S&P 500 index during the same period.
SYY currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #2 of 61 stocks in the Food Makers category.
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