Sysco Earnings: Solid Quarter Tops Expectations
Sysco Corp. (NYSE:SYY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.06%.
Sysco Corp. Earnings Cheat Sheet
Results: Net income increased 14.4% to $286.12 million (49 cents per diluted share) in the quarter versus a net gain of $250.11 million in the year-earlier quarter.
Revenue: Rose 5.42% to $10.8 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Sysco Corp. reported adjusted net income of 49 cents per share. By that measure, the company beat the mean analyst estimate of $0.41. It beat the average revenue estimate of $10.7 billion.
Quoting Management: “We had solid case growth during the quarter, which was driven by both organic and acquisition growth,” said Bill DeLaney, Sysco’s President and CEO…
…Our 47,000 associates continued to effectively support our customers in the midst of challenging market conditions, including the impact of Hurricane Sandy.”
Revenue decreased 2.59% from $11.09 billion in the previous quarter. Net income decreased 0.17% from $286.6 million in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.46 to a profit $0.45. For the current year, the average estimate has moved down from a profit of $1.96 to a profit of $1.93 over the last ninety days.
Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute – click here and get our CHEAT SHEET stock picks now.
(Company fundamentals provided by Xignite Financials.)