05.05.2014 14:43:33
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Sysco Third Quarter Results Miss Estimates
(RTTNews) - Food-distribution giant Sysco Corp. (SYY) reported Monday a profit for the third quarter that declined ten percent from last year, despite sales growth, hurt by higher food costs and expenses. Both adjusted earnings per share and quarterly revenues missed analysts' expectations.
"Third quarter sales growth was modest due to the impact of severe weather and lower levels of inflation compared to the prior year. However, March sales and gross profit year-over-year trends were significantly stronger compared to January and February as demand rebounded with improved weather and locally-managed sales strengthened," President and CEO Bill DeLaney said.
The Houston, Texas-based company reported net earnings of $180.94 million or $0.31 per share for the third quarter, lower than $201.42 million or $0.34 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $222.56 million or $0.38 per share, compared to $234.33 million or $0.40 per share in the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter grew 3.2 percent to $11.28 billion from $10.93 billion in the same quarter last year, but missed eight Wall Street analysts' consensus estimate of $11.38 billion by a whisker.
Contributions from acquisitions in the last 12 months increased sales by 0.8 percent, while sales were decreased by 0.9 percent due to changes in foreign exchange rates.
Food cost inflation, as measured by the estimated change in Sysco's product costs, was 0.9 percent for the quarter, due to inflation in the meat and seafood categories.
Broadline sales for the quarter totaled $9.10 billion, higher than last year's sales of $8.86 billion, and sales at Sygma grew to $1.52 billion from $1.43 billion in the year-ago quarter. Other segment sales totaled $727.20 million, up from $700 million in the prior-year quarter.
Case volume for the company's Broadline and Sygma operations combined grew 3.0 percent during the quarter, including acquisitions, and increased about 2.3 percent, excluding acquisitions.
Operating income for the quarter edged down 1.4 percent to $332.63 million from last year's $337.20 million, while adjusted operating income edged up 0.3 percent.
Total operating expenses increased 3.5 percent to $1.66 billion from $1.61 billion in the year-ago quarter.
"In addition, while we experienced cost pressure in our delivery area, continued progress in implementing our Business Transformation initiatives drove lower year-over-year operating expense per case in our Broadline segment," DeLaney added.
Sysco shares, which have traded in a range of $31.13 to $43.40 over the past year, closed Friday's regular trading session at $36.21, down $0.09 on a volume of 2.81 million shares.
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