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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;

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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