Sysco Sees Higher Earnings; Beats Estimates (SYY)
Food distributor, SYSCO Corporation(SYY) reported increased earnings for their second quarter, beating analysts estimates on Monday.
The Houston, TX based company reported second quarter earnings of $221.37 million, or 38 cents per share, from $250.11 million, or 43 cents per share.
Excluding special items, earnings for the quarter were 49 cents per share, up from 47 cents last year, and beating analysts expectations of 41 cents.
Quarterly revenue increased by 5% to $10.8 billion, from $10.24 billion last year. Analysts expected revenue of $10.7 billion.
The company saw increased sales during the quarter, which were offset by restructuring costs.
SYSCO shares were mostly flat during premarket trading Monday. The stock has increased 3% in the past year.
The Bottom Line
Shares of SYSCO Corporation(SYY) have a 3.49% yield, based on Friday’s closing price of $32.09.
SYSCO Corporation(SYY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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