Before the opening bell on Monday, SYSCO Corporation (SYY ) released its second quarter financial results, posting lower profits.
SYY's Earnings in Brief
- SYY reported net income of $158 million, or 27 cents per share, down 25% from $210.84 million, or 36 cents per share, last year.
- Adjusted earnings were 41 cents per share, which matched analysts’ estimates.
- Sales rose to $12.1 billion from $11.24 billion a year ago. Analysts expected to see revenue of $11.93 billion.
Bill DeLaney, Sysco’s president and CEO commented: “Our second quarter financial results were generally in-line with our expectations, as we made consistent progress on our business transformation initiatives and did a good job of remaining focused on the needs of our customers. As a result, we generated solid case volume growth of nearly 4% and managed acute inflationary pressures effectively. We continue to have opportunities to improve our management of operating expenses and have multiple initiatives underway to address this area of our business.”
Sysco paid its last 30 cent dividend on January 23. We expect the company to declare its next dividend in the coming weeks.
Shares of SYY were up 33 cents, or 0.84%, during pre-market trading Monday. The stock has been flat YTD.