UPDATE: Sysco Posts Upbeat FQ1 Earnings
Sysco (NYSE: 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.
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