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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
06/23/201616:10:26Securities Registration (section 12(b)) (8-a12b)
06/23/201616:06:35Current Report Filing (8-k)
06/21/201617:02:31Statement of Changes in Beneficial Ownership (4)
06/17/201617:06:25Statement of Changes in Beneficial Ownership (4)
06/17/201617:05:10Current Report Filing (8-k)
06/17/201617:03:48Statement of Changes in Beneficial Ownership (4)
06/15/201617:06:13Statement of Changes in Beneficial Ownership (4)
06/15/201617:05:20Statement of Changes in Beneficial Ownership (4)
06/15/201615:01:51Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/15/201607:45:00Why Investors Love These Services' Stocks? - Sysco, Hain Celestial...
06/14/201617:05:14Statement of Changes in Beneficial Ownership (4)
06/14/201612:50:02Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/14/201606:08:49Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
06/09/201609:02:34Amended Statement of Beneficial Ownership (sc 13d/a)
06/09/201608:32:54Sysco Receives European Commission Clearance to Acquire Brakes...
06/09/201606:51:00EU Approves Sysco's Acquisition of UK Food Distributor Brakes
06/08/201617:44:52Amended Statement of Changes in Beneficial Ownership (4/a)
06/08/201617:44:07Amended Statement of Changes in Beneficial Ownership (4/a)
06/08/201617:00:00Sysco to Webcast Presentation From the 2016 Jefferies Conference
06/07/201619:05:08Statement of Changes in Beneficial Ownership (4)

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