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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
09/04/201516:16:33Statement of Changes in Beneficial Ownership (4)
09/02/201509:28:36Amended Statement of Beneficial Ownership (sc 13d/a)
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...

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