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- Sysco Corp (NYSE:SYY) reported first-quarter FY23 sales growth of 16.2% year-on-year to $19.13 billion, beating the consensus of $18.65 billion.
- U.S. Foodservice operations sales rose 17.2% Y/Y, and International Foodservice sales grew 13.4%.
- Gross profit increased 17.4% Y/Y to $3.5 billion, and the gross margin expanded 18 basis points to 18.2%.
- The operating margin remained flat at 3.8%, and operating income for the quarter rose 16.3% to $734.3 million. Non-GAAP operating margin contracted 20 basis points to 4%.
- Adjusted EBITDA increased 7.5% Y/Y to $916.9 million in the quarter.
- Adjusted EPS of $0.97 missed the analyst consensus of $0.99.
- Sysco held $437.7 million in cash and equivalents as of October 1, 2022. Cash provided by operating activities for the quarter totaled $158.6 million.
- "We are upbeat about our business, while remaining appropriately cautious about the macro-environment, and are reaffirming our expectations to grow adjusted EPS by 26% - 35%, to $4.09 - $4.39, and to return $1.5 billion to our shareholders during fiscal year 2023," said CFO Aaron Alt.
- Price Action: SYY shares are trading lower by 2.07% at $84.77 on the last check Tuesday.
- Photo Via Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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