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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
05/26/201611:00:00Shares of US Foods Rise in Market Debut
05/25/201621:00:00US Foods Prices IPO at $23 a Share
05/20/201617:06:16Statement of Changes in Beneficial Ownership (4)
05/20/201617:00:00Sysco Declares Quarterly Dividend Payment
05/17/201617:13:52Statement of Changes in Beneficial Ownership (4)
05/17/201617:11:44Statement of Changes in Beneficial Ownership (4)
05/16/201603:03:00Business Watch -- WSJ
05/13/201611:50:00US Foods Plans to Raise About $1 Billion in IPO
05/13/201611:42:00US Foods Plans to Raise About $1 Billion in IPO
05/05/201618:17:57Statement of Changes in Beneficial Ownership (4)
05/03/201606:02:15Quarterly Report (10-q)
05/03/201603:05:00Higher Volume Boosts Sysco -- WSJ
05/02/201609:50:00Sysco Profit Climbs, Helped by Higher Volume
05/02/201609:40:00Sysco Profit Climbs, Helped by Higher Volume
05/02/201608:14:00Current Report Filing (8-k)
05/02/201608:00:00Sysco Delivers Strong Third Quarter Earnings
04/28/201611:46:14Sysco Names Foodservice Operations Leaders
04/20/201617:04:49Sysco to Release Third Quarter Fiscal 2016 Financial Results...
04/19/201617:05:34Statement of Changes in Beneficial Ownership (4)
04/19/201617:03:24Statement of Changes in Beneficial Ownership (4)

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