Sysco Corp. (NYSE:SYY) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Sysco Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 11.36% to $0.49 in the quarter versus EPS of $0.44 in the year-earlier quarter.
Revenue: Rose 4.01% to $10.93 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Sysco Corp. reported adjusted EPS income of $0.49 per share. By that measure, the company beat the mean analyst estimate of $0.43. It missed the average revenue estimate of $11.1 billion.
Quoting Management: “Our financial results reflect in part the difficult market conditions we experienced in our underlying business during the third quarter. Sales and operating earnings were negatively impacted by economic and weather related headwinds which dampened consumers’ willingness to spend on meals away from home,” said Bill DeLaney, Sysco’s president and chief executive officer. “We remain committed to and highly focused on both improving the consistency of our business plan execution and successfully driving out our key strategic initiatives in a manner that contributes to the long-term success of our customers and shareholders.”
Key Stats (on next page)…