Sysco 2Q Trumps Street on Holiday Sales

By IndustrialsFOXBusiness

Sysco (NYSE:SYY) reported second-quarter profit that topped Wall Street expectations, as sales soared during the holidays and the company benefited from improved market conditions.

The Houston-based food distributor posted net income of $250 million, or 43 cents a share, compared with a year-earlier $258 million, or 44 cents. Excluding one-time items, the company earned 46 cents, beating the Street’s view by two pennies.

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Revenue for the three-month period was up 9% to $10.24 billion, ahead of average analyst estimates of $10.06 billion in a Thomson Reuters poll.

Shares of Sysco were down nearly 4% to $29.72.

The company’s chief executive, Bill DeLaney, said Sysco was well positioned in the latter half of the period to “benefit from the favorable market conditions our customers experienced during the holiday season.”

Sysco also benefited from higher prices and volumes, as well as stronger sales from acquisitions.

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