Sysco Posts In-line Quarterly Earnings; Offers Plan To Divest Assets

Sysco Corp. on Monday said fiscal second-quarter earnings came to $157.9 million, or 27 cents a share, down from $210.8 million, or 36 cents a share, in the year-earlier period. The food distributor said revenue was $12.09 billion, up from $11.24 billion, a year ago. Adjusted earnings per share for the most recent period were 41 cents a share. Analysts polled by FactSet had expected earnings of 41 cents a share on $11.93 billion in sales. Sysco, which is working on closing a proposed merger with US Foods, said it's reached a deal with Performance Food Group to sell 11 US Foods facilities. Sysco said it will present the divestiture plan to five commissioners at the Federal Trade Commission and seek their approval for it.