UPDATE: Sysco Reports Upbeat FQ2 Earnings

Sysco Corp SYY reported a 3.1% drop in its fiscal second-quarter earnings. Sysco's quarterly profit declined to $250.1 million, or $0.43 per share, from $258.2 million, or $0.44 per share, in the year-ago period. Excluding one-time items, Sysco earned $0.46 per share. Its sales rose 9.2% to $10.2 billion. However, analysts were expecting earnings of $0.44 per share on revenue of $10.1 billion. Sysco's gross margin declined to 18% from 18.8%. Sysco shares gained 2.17% to $31.57 in pre-market trading.