Sysco Q3 Profit Down, Misses View - Quick Facts

(RTTNews) - Food-distribution giant Sysco Corp. (SYY) said its third-quarter net earnings slid to $180.94 million, or $0.31 a share, from $201.42 million, or $0.34 a share, in the same quarter last year. After adjusting for certain items, mainly relating to merger and integration planning expenses, and a legal contingency accrual, adjusted earnings per share totaled $0.38, or 5.0% lower compared with $0.40 in the prior-year period. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.39 for the quarter. Analysts' estimates typically exclude one-time items.

The Houston, Texas-based company clocked sales of $11.28 billion, up 3.2%, versus the prior-year figure of $10.93 billion. Eight analysts estimated revenues of $11.38 billion for the quarter. Food cost inflation was 0.9%, as measured by the estimated change in Sysco's product costs, driven mainly by inflation in the meat and seafood categories, the com.