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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)
06/23/201616:10:26Securities Registration (section 12(b)) (8-a12b)
06/23/201616:06:35Current Report Filing (8-k)
06/21/201617:02:31Statement of Changes in Beneficial Ownership (4)
06/17/201617:06:25Statement of Changes in Beneficial Ownership (4)
06/17/201617:05:10Current Report Filing (8-k)
06/17/201617:03:48Statement of Changes in Beneficial Ownership (4)
06/15/201617:06:13Statement of Changes in Beneficial Ownership (4)
06/15/201617:05:20Statement of Changes in Beneficial Ownership (4)
06/15/201615:01:51Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/15/201607:45:00Why Investors Love These Services' Stocks? - Sysco, Hain Celestial...
06/14/201617:05:14Statement of Changes in Beneficial Ownership (4)
06/14/201612:50:02Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/14/201606:08:49Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
06/09/201609:02:34Amended Statement of Beneficial Ownership (sc 13d/a)
06/09/201608:32:54Sysco Receives European Commission Clearance to Acquire Brakes...
06/09/201606:51:00EU Approves Sysco's Acquisition of UK Food Distributor Brakes
06/08/201617:44:52Amended Statement of Changes in Beneficial Ownership (4/a)
06/08/201617:44:07Amended Statement of Changes in Beneficial Ownership (4/a)
06/08/201617:00:00Sysco to Webcast Presentation From the 2016 Jefferies Conference
06/07/201619:05:08Statement of Changes in Beneficial Ownership (4)

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