Sysco Reports Diluted EPS of $0.53 ($0.55 After Adjusting for Certain Items) for the Fourth Quarter and $1.90 ($1.93 After Adjusting for Certain Items) for Fiscal Year 2012 Sales of $42.4 Billion Are the Highest on Record HOUSTON, Aug. 13, 2012 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced financial results for its 13-week fourth quarter, and 52-week fiscal year 2012, ending June 30, 2012.
Fourth Quarter Fiscal 2012 Highlights
Sales were $11.0 billion, an increase of 5.9% from $10.4 billion in the fourth quarter of fiscal 2011. Operating income was $515 million, a decrease of 8.1%, compared to $561 million in last year's fourth quarter. Adjusted1 operating income, which reflects the performance of our underlying business, was $608 million, an increase of 2.2% compared to last year's fourth quarter. Diluted earnings per share (EPS) were $0.53, which was 7.0% lower compared to $0.57 in last year's fourth quarter. Earnings were impacted by certain items primarily related to a multi-employer pension plan (MEPP) withdrawal. Excluding these certain items, diluted EPS was $0.551. Further adjusting for business transformation expenses and the impact of COLI, adjusted diluted EPS was $0.62, an increase of 3.3% compared to the prior year period. Full Year Fiscal 2012 Highlights
Sales were $42.4 billion, an increase of 7.8% from $39.3 billion in fiscal 2011. Operating income was $1.9 billion, which was a decrease of 2.1%, compared to the prior year period. Adjusted operating income was $2.1 billion, an increase of 3.0% from the prior year. Diluted EPS was $1.90, a decrease of 3.1% compared to EPS of $1.96 in the prior year. Excluding certain items primarily related to MEPP withdrawals, diluted EPS was $1.93. Further adjusting for business transformation expenses and the impact of COLI, adjusted diluted EPS was $2.13, an increase of 4.4% from the prior year. Cash flow from operations was $1.4 billion, an increase of 29% from $1.1 billion in fiscal year 2011. Capital expenditures totaled $785 million, including spending related to new state of the art facilities opened during the year in Central Texas and Boston. 1 "Adjusted" financial results are Non-GAAP financial measures. See Non-GAAP Reconciliations for more information.
"Market conditions remained challenging throughout the year due to increasing product costs and an uneven economic recovery. Nevertheless, we successfully supported our customers and grew our share of market," said Bill DeLaney, Sysco's president and chief executive officer. "We are making meaningful progress on our business transformation initiatives and believe the benefits will both improve our financial performance over time and further enhance our leadership position in the industry."
Fourth Quarter Fiscal 2012 Summary
Sales for the fourth quarter were $11.0 billion, an increase of 5.9% compared to sales in the same period last year. Food cost inflation, as measured by the