Sysco Posts Q2 EPS Below Street View; Top-Line Matches Consensus

  • Sysco Corporation SYY reported second-quarter FY23 sales growth of 13.9% year-on-year to $18.59 billion, which met the analyst consensus estimate.
  • U.S. Foodservice operations sales rose 13.7% Y/Y, and International Foodservice sales grew 17%.
  • Gross profit increased 15.9% Y/Y to $3.3 billion, and the gross margin expanded 29 basis points to 18%.
  • Operating margin expanded 72 basis points to 3.5%, and operating income for the quarter rose 44% to $640.6 million. Non-GAAP operating margin expanded 63 basis points to 3.7%.
  • Adjusted EBITDA increased 23.9% Y/Y to $831.3 million in the quarter.
  • Adjusted EPS of $0.80 missed the analyst consensus of $0.84.
  • Sysco held $585.6 million in cash and equivalents as of Dec. 31, 2022. Cash flow from operations was $503.5 million for the first 26 weeks of fiscal 2023.
  • Price Action: SYY shares are trading lower by 1.60% at $76.85 on the last check Tuesday.
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Posted In: EarningsNewsGeneralBriefs
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