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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
04/09/201417:03:47Senate Confirms FTC Nominee McSweeny
02/18/201418:37:15FTC Requests More Documents Tied to Sysco-US Foods Deal
02/18/201416:40:20FTC Requests More Info Tied to Sysco-US Foods Merger
02/18/201416:35:18FTC Requests More Documents Tied to Sysco-US Foods Merger
02/03/201415:41:18Sysco Profit Falls 4.8% on Higher Expenses -- Update
02/03/201409:23:10U.S. Hot Stocks: Hot Stocks to Watch
02/03/201408:55:11Sysco Profit Falls 4.8% on Higher Expenses
01/24/201414:10:34FTC to Review Sysco-US Foods Deal
12/09/201316:53:37MARKET SNAPSHOT: S&P 500 Scores Record Close As Stocks Edge Up
12/09/201309:40:18Correction to Sysco Buys Rival US Foods for $3.5 Billion Story
12/09/201309:37:22U.S. Hot Stocks Futures: Hot Stocks to Watch
11/19/201315:06:10Sysco Unit FreshPoint to Pay $4.2 Million to Settle Government...
11/19/201312:04:16Sysco Unit FreshPoint to Pay $4.2 Million to Settle Government...
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest Purchases
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Holdings As Of -2-
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest -2-
11/15/201307:04:49Bridgewater Associates LP 3Q 13F: Holdings As Of Sep 30
11/04/201308:50:31Sysco 1st-Quarter Profit Down Slightly; Higher Costs Offset Sales...

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