Sysco Q2 Ad. Profit Beats View - Quick Facts

(RTTNews) - Sysco Corp. (SYY), a foodservice distribution company, reported second-quarter net earnings of $267.38 million or $0.51 per share, down from $284.11 million or $0.54 per share in the year-ago period.

Excluding items, adjusted earnings for the quarter were $0.75 per share, compared to $0.78 per share last year.

Net sales for the quarter rose 2.5 percent to $14.8 billion from $14.4 billion in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the quarter on revenues of $14.81 billion. Analysts' estimates typically exclude special items.

Sysco said that in order to drive continued growth and value creation, it recently implemented organizational and executive leadership changes, which further align the company with its customer first operating model and streamline the business. This reorganization will result in an approximate 10 percent reduction in salaried corporate support positions, the company noted.