SYSCO Corporation SYY reported its second quarter results before Monday's market open which helped boost the stock to a new 52-week high.
Sysco said that it earned $0.48 per share in the fourth quarter on revenue of $12.2 billion. Wall Street analysts were expecting the company to earn $0.41 per share on revenue of $12.14 billion.
Gross profit for the quarter rose 3.4 percent from a year ago to $2.2 billion while total gross profit for the first 2 quarters of the year rose 2.8 percent from a year ago to $4.4 billion.
"I am very pleased with our second quarter results," said Bill DeLaney, Sysco chief executive officer. "We achieved strong local case growth, while managing gross margins well and also containing operating expense growth. Through the first six-months of the year, we are on-track to achieve our financial objectives for the first year of our three-year plan."
Shares of Sysco opened for trading at $41.75 on Monday. The stock saw strong buying momentum throughout the entire day and hit a new 52-week high of $43.35. With less than 1 hour remaining in Monday's trading session, the stock was trading at $43.18 - up 8.47 percent on the day. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
