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- Sysco Corporation (NYSE:SYY) reported second-quarter FY23 sales growth of 13.9% year-on-year to $18.59 billion, which met the analyst consensus estimate.
- U.S. Foodservice operations sales rose 13.7% Y/Y, and International Foodservice sales grew 17%.
- Gross profit increased 15.9% Y/Y to $3.3 billion, and the gross margin expanded 29 basis points to 18%.
- Operating margin expanded 72 basis points to 3.5%, and operating income for the quarter rose 44% to $640.6 million. Non-GAAP operating margin expanded 63 basis points to 3.7%.
- Adjusted EBITDA increased 23.9% Y/Y to $831.3 million in the quarter.
- Adjusted EPS of $0.80 missed the analyst consensus of $0.84.
- Sysco held $585.6 million in cash and equivalents as of Dec. 31, 2022. Cash flow from operations was $503.5 million for the first 26 weeks of fiscal 2023.
- Price Action: SYY shares are trading lower by 1.60% at $76.85 on the last check Tuesday.
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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