UPDATE: Sysco Posts Upbeat FQ1 Earnings

Sysco SYY reported a 0.4% drop in its fiscal first-quarter earnings. Sysco's quarterly profit declined to $285.6 million, or $0.48 per share, from $286.6 million, or $0.49 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $0.56 per share. Its revenue rose 5.7% to $11.71 billion. However, analysts were estimating earnings of $0.48 per share on revenue of $11.62 billion. Sysco's gross margin narrowed to 17.6% from 18.3%. Sysco shares closed at $32.56 on Friday.