Sysco Corporation SYY opens the week down after serving cold third-quarter earnings and revenue.
The Houston-based firm's EPS declined 23 percent to $0.34, falling far short of the $0.43 analysts expected.
Revenue increased 3.8 percent year-over-year to $10.9 billion, but missed the Wall Street consensus of $11.1 billion.
Commenting on the weak third quarter, President and CEO Bill DeLaney noted, “Our financial results reflect in part the difficult market conditions we experienced in our underlying business during the third quarter. Sales and operating earnings were negatively impacted by economic and weather related headwinds which dampened consumers' willingness to spend on meals away from home.”
All You Can Eat
On January 10, Sysco announced it acquired four companies in December, including:
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- St. Cloud, Minnesota-based full-service broadline distributor Appert's Foodservice
- Buchy Food Service, a full-service broadline distributor based in Greenville, Ohio
- Distagro, the foodservice division for Montreal, Quebec-based grocery retailer, Metro Richelieu, Inc.
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Posted In: EarningsNewsDowngradesReiterationM&AAnalyst RatingsBill DeLaneyCantor FitzgeraldCleveland ResearchDavid DeVaneMike DavisTom Bené
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