SYSCO (NYSE:SYY) had a strong quarterly earnings results that topped the outlook that analysts were calling for, sending shares surging during regular trading hours Monday.
The Houston, Texas-based food distribution company said that it had a positive fourth quarter of its fiscal 2018 marked by earnings growth and improved revenue. Its net income for the quarter ended June 30 came in at $448.9 million, or 85 cents per share.
The figure was stronger than what Sysco amassed during the year-ago quarter, when its income tallied up to $305.2 million, or 57 cents per share. On an adjusted basis when excluding non-recurring items, the food distribution giant brought in earnings of 94 cents per share.
The figure was stronger than the 93 cents per share that analysts were calling for, according to a survey conducted by FactSet. Sysco’s revenue was also a beat as it came in at $15.32 billion, ahead of the Wall Street consensus estimate of $15.30 billion, according to data compiled by FactSet in its survey.
The company’s sales were also higher than they were during the year-ago quarter by 6.2%. Its strongest metric was the company’s U.S. food service revenue, which increased by 6.1% year-over-year to $10.4 billion, while its international food service revenue gained around 7.9% to $2.9 billion.
SYY stock was up about 6.3% on Monday following the company’s quarterly earnings beat. Shares were mostly unmoved after the bell.
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