Sysco Q4 Profit Plunges - Quick Facts

(RTTNews) - Sysco Corp. (SYY) reported that its fourth-quarter net earnings plunged to $73.0 million from $254.2 million in the year ago quarter. Earnings per share were $0.12, down from $0.43 last year. Adjusted net earnings were $0.52 per share, compared to $0.49 per share, prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Operating expenses increased $368 million, or 21%, compared to the same period last year, primarily due to $313 million in merger termination expenses. Adjusted operating expenses increased $36 million, or 2.2%, compared to the same period last year, due mainly to higher payroll expenses which were driven by higher case volume and incentive accruals.

Sales for the latest fourth quarter were $12.40 billion, up 0.9% from $12.29 billion in the comparable quarter last year. Wall Street analysts had a consensus revenue estimate of $12.70 billion for the quarter.