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Sysco's Q4 Earnings Exceeds Street Expectations

·1 min read
  • Sysco Corp (NYSE: SYY) reported fourth-quarter FY22 sales growth of 17.5% year-on-year to $19 billion, beating the consensus of $18.21 billion.

  • The U.S. Foodservice operations sales rose 16.4% Y/Y, and International Foodservice sales grew 30.3%.

  • Gross profit increased 18.1% Y/Y to $3.4 billion, and the gross margin expanded 10 basis points to 18.2%.

  • The operating margin improved 51 basis points to 4%, and operating income for the quarter rose 34.6% to $766.7 million. Non-GAAP operating margin improved 88 basis points to 4.6%.

  • Adjusted EBITDA increased 34.2% Y/Y to $1 billion in the quarter.

  • Adjusted EPS of $1.15 beat the analyst consensus of $1.11.

  • Sysco held $931.4 million in cash and equivalents as of July 2, 2022. Cash provided by operating activities for the twelve months totaled $1.8 billion.

  • "While keeping a careful eye on macro-economic developments, we expect to grow adjusted EPS by 26% - 35%, or $4.09 - $4.394, for fiscal year 2023," said CFO Aaron Alt.

  • Price Action: SYY shares are trading lower by 4.31% at $83.00 on the last check Tuesday.

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