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Sysco 3Q Net Up 4.4% On Price, Volume Growth; Costs Surge

DOW JONES NEWSWIRES Sysco Corp.'s (SYY) fiscal third-quarter profit rose 4.4% on higher prices and volume, but costs surged amid higher food and fuel costs. Shares rose 3.5% to $29.50 in recent premarket trading as the results topped analysts' estimates. The company, which derives most of its sales from the restaurant industry, faces higher costs that are squeezing a host of food-related companies. It faces challenge of balancing how much of the cost can be passed onto its customers. For the quarter ended April 2, Sysco reported a profit of $258.5 million, or 44 cents a share, up from 247.6 million, or 42 cents a share, a year earlier. The latest result included a 4-cent charge related to an operating company's withdrawal from a multi-employer pension plan, offset by a 2-cent tax benefit. Sales climbed 9.1% to $9.76 billion on higher prices and case volume growth. Analysts polled by Thomson Reuters most recently forecast earnings of 41 cents a share on $9.48 billion in revenue. Gross margin narrowed to 18.6% from 18.8%. Operating costs increased 11% amid food cost inflation of 5.1%, driven mainly by the meat, seafood and canned/dry categories. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Sysco (SYY)
DateTimeHeadline
02/10/201610:31:04Amended Statement of Ownership (sc 13g/a)
02/09/201618:50:00US Foods Files for IPO of Roughly $100 Million
02/09/201617:25:27Statement of Changes in Beneficial Ownership (4)
02/03/201617:04:51Statement of Changes in Beneficial Ownership (4)
02/02/201617:31:05Sysco to Webcast Presentation From the 2016 CAGNY Conference
02/01/201609:30:00Sysco Profit Tops Expectations
02/01/201609:19:00Sysco Profit Tops Expectations
02/01/201608:17:43Current Report Filing (8-k)
02/01/201608:00:00Sysco Reports Strong Local Case and Operating Income Growth and...
01/21/201617:06:18Statement of Changes in Beneficial Ownership (4)
01/18/201609:00:00Sysco to Release Second Quarter Fiscal 2016 Financial Results...
01/04/201618:45:40Statement of Changes in Beneficial Ownership (4)
01/04/201618:45:10Statement of Changes in Beneficial Ownership (4)
01/04/201617:20:59Statement of Changes in Beneficial Ownership (4)
01/04/201617:19:17Statement of Changes in Beneficial Ownership (4)
01/04/201617:17:58Statement of Changes in Beneficial Ownership (4)
01/04/201617:14:55Statement of Changes in Beneficial Ownership (4)
01/04/201617:11:48Statement of Changes in Beneficial Ownership (4)
01/04/201617:10:01Statement of Changes in Beneficial Ownership (4)
01/04/201617:07:50Statement of Changes in Beneficial Ownership (4)

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