Sysco Earnings: Solid Quarter Tops Expectations
Sysco Corp. (NYSE:SYY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.06%.
Sysco Corp. Earnings Cheat Sheet
Results: Net income increased 14.4% to $286.12 million (49 cents per diluted share) in the quarter versus a net gain of $250.11 million in the year-earlier quarter.
Revenue: Rose 5.42% to $10.8 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Sysco Corp. reported adjusted net income of 49 cents per share. By that measure, the company beat the mean analyst estimate of $0.41. It beat the average revenue estimate of $10.7 billion.
Quoting Management: “We had solid case growth during the quarter, which was driven by both organic and acquisition growth,” said Bill DeLaney, Sysco’s President and CEO…