14.08.2017 14:35:11
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Sysco Q4 Profit Rises, Meets Estimates; Sees Profitable Growth In 2018, Beyond
(RTTNews) - Sysco Corp. (SYY), a distributor of food products to restaurants, healthcare and educational facilities, reported Monday higher profit in its fourth quarter benefited by Brakes Group acquisition, despite weakness in U.S. operations. Adjusted earnings per share met analysts' estimates, while sales topped their view.
Bill DeLaney, Sysco's chief executive officer, said, "Our fourth quarter financial results were strong and reflect the increasingly consistent execution of our customer-centric strategy. I am very pleased with our overall performance in fiscal 2017 and, with the support of our 65,000 dedicated associates, we are well positioned to deliver disciplined, profitable, and sustainable growth as we move forward into 2018 and beyond."
Net earnings for the 13-week fourth quarter were $305.17 million, higher than net earnings of $215.67 million in the 14-week quarter last year. Earnings per share increased to $0.57 from $0.38 a year ago.
Adjusted net earnings were $388.30 million or $0.72 per share, compared to $365.67 million or $0.64 per share a year ago.
On average, 15 analysts polled by Thomson Reuters expected earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
On a comparable 13-week basis, excluding Brakes, adjusted net earnings were $379.04 million or $0.70 per share, compared to prior year's $339.55 million or $0.60 per share.
Operating income increased 2 percent from last year to $558 million, while adjusted operating income increased 6.1 percent to $667 million. On a comparable 13-week basis, excluding Brakes, adjusted operating income increased 9 percent to $636 million.
Gross margin increased 80 basis points to 19.14 percent, while comparable gross margin, excluding Brakes, increased 14 basis points to 18.48 percent.
Sales increased 5.7 percent to $14.42 billion from $13.65 billion last year. On a comparable 13-week basis, excluding Brakes, sales increased 3.4 percent to $13.1 billion.
Analysts expected sales of $14.34 billion for the quarter.
U.S. Foodservice Operations sales were $9.8 billion, a decrease of 3.8 percent, while comparable sales increased 3.6 percent. On a comparable 13-week basis, local case volume within U.S. Broadline operations grew 2.7 percent and total case volume grew 0.2 percent.
International Foodservice Operations' sales climbed to $2.7 billion from $1.5 billion last year, primarily attributable to the Brakes Group acquisition.
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