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SYSCO Stock Soars on Q4 Earnings Beat Monday

Karl Utermohlen

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.

Sysco

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.

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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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