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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;

Stock News for Sysco (SYY)
09/26/201617:04:45Initial Statement of Beneficial Ownership (3)
09/26/201617:04:18Initial Statement of Beneficial Ownership (3)
09/26/201617:03:25Initial Statement of Beneficial Ownership (3)
09/21/201617:26:43Current Report Filing (8-k)
09/21/201617:20:00Sysco Announces Election of Three New Directors
09/16/201617:04:47Statement of Changes in Beneficial Ownership (4)
09/07/201617:30:00Sysco Expands Industry-Leading Seafood Sustainability Initiative...
08/31/201617:02:11Current Report Filing (8-k)
08/30/201606:03:13Annual Report (10-k)
08/29/201617:46:27Statement of Changes in Beneficial Ownership (4)
08/29/201617:44:16Statement of Changes in Beneficial Ownership (4)
08/29/201617:40:35Statement of Changes in Beneficial Ownership (4)
08/29/201617:37:25Statement of Changes in Beneficial Ownership (4)
08/29/201617:33:13Statement of Changes in Beneficial Ownership (4)
08/29/201617:28:21Statement of Changes in Beneficial Ownership (4)
08/29/201617:24:04Statement of Changes in Beneficial Ownership (4)
08/29/201617:19:42Statement of Changes in Beneficial Ownership (4)
08/29/201617:13:36Statement of Changes in Beneficial Ownership (4)
08/26/201617:30:00Sysco Declares Quarterly Dividend Payment
08/25/201617:30:00Sysco to Webcast Presentation From the Barclays 2016 Global Consumer...

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