UPDATE: Sysco Posts Better-Than-Expected FQ2 Profit

Sysco

reported an 11.5% drop in its fiscal second-quarter earnings. Sysco's quarterly profit fell to $221.4 million, or $0.38 per share, from $250.1 million, or $0.43 per share, in the year-ago period. Excluding other items, its adjusted earnings came in at $0.49 per share. Its revenue climbed 5.4% to $10.8 billion. However, analysts were expecting earnings of $0.41 per share on revenue of $10.7 billion. Its gross margin narrowed to 17.8% from 18%. Sysco shares closed at $32.09 on Friday.