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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)
10/07/201516:34:58Additional Proxy Soliciting Materials (definitive) (defa14a)
10/07/201516:34:07Proxy Statement (definitive) (def 14a)
10/01/201517:30:00Sysco Corporation Lauds the Excellence of Its Top 2015 Suppliers
10/01/201517:14:13Statement of Changes in Beneficial Ownership (4)
10/01/201517:13:23Statement of Changes in Beneficial Ownership (4)
10/01/201516:57:06Statement of Changes in Beneficial Ownership (4)
10/01/201516:54:53Statement of Changes in Beneficial Ownership (4)
10/01/201516:52:34Statement of Changes in Beneficial Ownership (4)
10/01/201516:49:41Statement of Changes in Beneficial Ownership (4)
10/01/201516:47:34Statement of Changes in Beneficial Ownership (4)
10/01/201516:44:57Statement of Changes in Beneficial Ownership (4)
10/01/201516:42:46Statement of Changes in Beneficial Ownership (4)
10/01/201516:38:25Statement of Changes in Beneficial Ownership (4)
10/01/201516:35:51Statement of Changes in Beneficial Ownership (4)
09/28/201518:54:00Sysco Will Accelerate Stock Buybacks
09/28/201517:09:24Current Report Filing (8-k)
09/28/201517:00:00Sysco Announces $2 Billion Senior Notes Offering and Accelerated...
09/24/201522:20:00Sanderson Farms Recalling a Half-Million Pounds of Chicken
09/24/201521:42:00Sanderson Farms Recalling a Half-Million Pounds of Chicken
09/24/201513:48:07Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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