Sysco Q4 Profit Surges, Beats Estimates

(RTTNews) - Sysco Corp. (SYY) Monday announced a surge in fourth quarter net earnings as sales were up 10 percent from the prior year. Net earnings for the quarter increased 195.3 percent to $215.68 million from $73.03 million in the previous year.

For the latest quarter, the company had recorded 94.3 percent decline in tax impact on acquisition costs and 60.6 percent decline impact of acquisition financing costs as compared to last year.

On a per share basis, earnings increased to $0.38 from $0.12 in the comparable period last year.

On an adjusted basis earnings were $339.55 million or $0.64 per share. Adjusted for items and an extra week earnings were $0.60 per share. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.61 per share. Analysts estimates usually exclude special items.

Sales for the fourth quarter were $13.647 billion, up from $12.40 billion last year. The latest quarter includes 14 weeks compared to 13 weeks a year ago. Analysts were looking for revenue of $13.68 billion.

On a comparable 13-week basis, sales increased 2.2 percent. Total broadline case growth was 2.2 percent higher, and local case growth was 2.4 percent higher, as compared to the same period last year.

In the pre-market trading, SYY shares are currently up 4.98 percent on NYSC