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Sysco 3Q Earnings Flat As Higher Meat, Poultry Prices Crimp Sales Growth

DOW JONES NEWSWIRES Sysco Corp.'s (SYY) fiscal third-quarter earnings were about flat from a year earlier as higher prices for items like meat and poultry dampened the foodservice supplier's sales growth. The company, which derives most of its sales from the restaurant industry, has continued to see rising food and overhead costs hurt its bottom line. Sysco on Monday said it recorded food cost inflation of 5.5% in the latest period, compared with 5.1% a year earlier and 6.3% in the prior quarter. While noting an overall easing in the rate of food inflation, the company said headwinds like double-digit price increases for meat and poultry remain a challenge. For the quarter ended March 31, the company reported a profit of $259.6 million, compared with a year-earlier profit of $258.5 million. Earnings per share were unchanged at 44 cents. Sales rose 7.6% to $10.5 billion. Analysts polled by Thomson Reuters expected earnings of 43 cents on revenue of $10.45 billion. Gross margin narrowed to 17.8% from 18.6%. Shares closed Friday at $27.90 and were inactive premarket. The stock is down 4.9% since the start of the year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Sysco (SYY)
DateTimeHeadline
07/02/201519:42:36Antitrust Cops Swing A Big Stick
07/01/201517:31:22Statement of Changes in Beneficial Ownership (4)
07/01/201517:28:21Statement of Changes in Beneficial Ownership (4)
07/01/201517:25:18Statement of Changes in Beneficial Ownership (4)
07/01/201517:20:06Statement of Changes in Beneficial Ownership (4)
07/01/201517:17:29Statement of Changes in Beneficial Ownership (4)
07/01/201517:14:53Statement of Changes in Beneficial Ownership (4)
07/01/201517:10:59Statement of Changes in Beneficial Ownership (4)
07/01/201517:08:24Statement of Changes in Beneficial Ownership (4)
07/01/201517:06:39Statement of Changes in Beneficial Ownership (4)
06/30/201521:24:05Sysco Ends Plans to Merge With US Foods -- 2nd Update
06/29/201520:18:35Sysco Ends Plans to Merge With US Foods -- 2nd Update
06/29/201517:12:51Current Report Filing (8-k)
06/29/201510:01:10Sysco Walks Away From US Foods Merger -- Update
06/29/201508:57:53Sysco Walks Away From US Foods Merger
06/29/201508:50:07Sysco Walks Away From US Foods Merger
06/29/201508:44:03Sysco Walks Away From US Foods Merger
06/27/201514:18:39Federal Judge Releases Public Version of Sysco-US Foods Opinion
06/23/201522:16:14Federal Judge Issues Injunction Blocking Sysco-US Foods Merger...
06/23/201521:30:16Federal Judge Issues Injunction Blocking Sysco-US Foods Merger...

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