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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
04/09/201417:03:47Senate Confirms FTC Nominee McSweeny
02/18/201418:37:15FTC Requests More Documents Tied to Sysco-US Foods Deal
02/18/201416:40:20FTC Requests More Info Tied to Sysco-US Foods Merger
02/18/201416:35:18FTC Requests More Documents Tied to Sysco-US Foods Merger
02/03/201415:41:18Sysco Profit Falls 4.8% on Higher Expenses -- Update
02/03/201409:23:10U.S. Hot Stocks: Hot Stocks to Watch
02/03/201408:55:11Sysco Profit Falls 4.8% on Higher Expenses
01/24/201414:10:34FTC to Review Sysco-US Foods Deal
12/09/201316:53:37MARKET SNAPSHOT: S&P 500 Scores Record Close As Stocks Edge Up
12/09/201309:40:18Correction to Sysco Buys Rival US Foods for $3.5 Billion Story
12/09/201309:37:22U.S. Hot Stocks Futures: Hot Stocks to Watch
11/19/201315:06:10Sysco Unit FreshPoint to Pay $4.2 Million to Settle Government...
11/19/201312:04:16Sysco Unit FreshPoint to Pay $4.2 Million to Settle Government...
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest Purchases
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Holdings As Of -2-
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest -2-
11/15/201307:04:49Bridgewater Associates LP 3Q 13F: Holdings As Of Sep 30
11/04/201308:50:31Sysco 1st-Quarter Profit Down Slightly; Higher Costs Offset Sales...

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