Sysco Stock Gains On Strong Q4, Raised FY22 EPS Outlook

Sysco Corp SYY reported fourth-quarter FY21 sales growth of 82% year-on-year, to $16.14 billion, beating the analyst consensus of $14.23 billion.
The U.S. Foodservice Operations revenue rose 88.4% Y/Y, and International Foodservice Operations revenue grew 83.4%.
Gross profit increased 86.2% Y/Y to $2.9 billion and the profit margin expanded 41 basis points to 18.9%.
Operating expenses rose 11.9% to $2.3 billion.
The operating margin was 3.5%, and operating income for the quarter rose 207.2% to $569.7 million.
The company held $3 billion in cash and equivalents as of July 3, 2021.
Net cash provided by operating activities amounted to $1.9 billion for the entire year.
Adjusted EBITDA for the quarter was $781.1 million.
Non-GAAP EPS of $0.71 beat the analyst consensus of $0.60.
Outlook: Sysco raised the FY22 EPS outlook to $3.33 - $3.53 versus the consensus of $3.32.
Price action: SYY shares are trading higher by 6.41% at $78.19 on the last check Tuesday.

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