Sysco, the Houston-based foodservice distributor, has announced an increase in both sales and profit for its fiscal fourth quarter. The company’s ability to manage costs effectively has contributed to this positive performance.
In the three months ended July 1, Sysco reported earnings of $733.7 million, equivalent to $1.44 per share. This represents a significant improvement from the earnings of $510 million, or 99 cents per share, recorded in the same quarter last year.
Adjusted earnings, excluding one-time items, amounted to $1.34 per share. This exceeds the expectations of analysts surveyed by FactSet, who predicted earnings of $1.33 per share.
Furthermore, sales experienced a growth of 4%, totaling $19.73 billion. Although slightly lower than the projected sales of $19.95 billion, Sysco’s performance remains robust.
The cost of sales also increased by 3.4% to reach $16.04 billion.
Sysco’s U.S. foodservice segment achieved a sales growth of 2.5%, while international foodservice sales grew by an impressive 12.2%. Kevin Hourican, the Chief Executive, attributed this success to the company’s efforts in enhancing its supply chain and reducing costs.
As a result of these positive developments, Sysco’s shares rose by over 2% during premarket trading.
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