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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
08/31/201516:17:53Initial Statement of Beneficial Ownership (3)
08/31/201516:15:18Initial Statement of Beneficial Ownership (3)
08/31/201516:13:34Initial Statement of Beneficial Ownership (3)
08/31/201516:10:00Initial Statement of Beneficial Ownership (3)
08/26/201506:03:27Current Report Filing (8-k)
08/25/201517:02:24Automatic Shelf Registration Statement of Securities of Well-known...
08/25/201508:20:00Sanderson Farms Results Disappoint
08/20/201519:17:00Sysco Names Nelson Peltz, Josh Frank of Trian to Board -- Update
08/20/201518:00:00Sysco Names Nelson Peltz, Josh Frank of Trian to Board
08/20/201517:16:00Sysco Names Nelson Peltz, Josh Frank of Trian to Board
08/20/201517:05:17Amended Statement of Beneficial Ownership (sc 13d/a)
08/17/201513:50:00Republican Commissioner Joshua Wright to Leave FTC
08/14/201515:27:11Trian Takes Stake in Sysco -- 2nd Update
08/14/201513:50:22Peltz's Trian Takes Stake in Sysco
08/14/201513:41:23Peltz's Trian Takes Stake in Sysco -- Update
08/14/201513:32:25Peltz's Trian Takes Stake in Sysco
08/14/201512:40:19Statement of Beneficial Ownership (sc 13d)
08/11/201509:05:00Stocks Coverage on the Services Sector - Sysco, Sprouts Farmers...
08/10/201516:59:22Sysco Profit Drops, Hurt by US Foods-Related Costs
08/10/201510:00:06Sysco Profit Drops, Hurt by US Foods-Related Costs

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