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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)
11/24/201517:22:58Statement of Changes in Beneficial Ownership (4)
11/23/201515:31:22Confidential Treatment Order (ct Order)
11/19/201518:56:25Statement of Changes in Beneficial Ownership (4)
11/19/201518:54:34Statement of Changes in Beneficial Ownership (4)
11/19/201518:54:04Statement of Changes in Beneficial Ownership (4)
11/19/201518:53:38Statement of Changes in Beneficial Ownership (4)
11/19/201518:52:01Statement of Changes in Beneficial Ownership (4)
11/19/201518:49:58Statement of Changes in Beneficial Ownership (4)
11/19/201518:47:59Statement of Changes in Beneficial Ownership (4)
11/19/201517:04:05Current Report Filing (8-k)
11/19/201503:02:00Shares Of Deal Targets Reflect Regulatory Fear
11/18/201509:03:00Sysco Corp. Raises Quarterly Dividend by 3.3%
11/18/201508:00:00Sysco Increases Quarterly Dividend Payment
11/18/201506:05:02Current Report Filing (8-k)
11/06/201516:54:44Statement of Changes in Beneficial Ownership (4)
11/06/201516:52:51Statement of Changes in Beneficial Ownership (4)
11/04/201519:08:00XPO Courts Big Shippers With Trucking Appointment
11/03/201506:07:39Quarterly Report (10-q)
11/02/201513:18:00Sysco Earnings Struggle After Failed US Foods Merger--Update
11/02/201510:00:00Sysco Earnings Struggle After Failed US Foods Merger

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