Earnings Summary: Sysco Corporation reports higher Q3 sales and profit

Food distribution company Sysco Corporation (NYSE: SYY) announced third-quarter 2024 financial results, reporting higher earnings and revenues.

• Q3 sales increased 2.7% to $19.4 billion; U.S. Foodservice volume rose 2.9%; U.S. local volumes grew 0.4%
• Gross profit increased 5.2% year-over-year to $3.6 billion in the third quarter
• Operating income increased 3.8% to $722.0 million; adjusted operating income rose 8.4% to $799.3 million
• EBITDA increased 5.4% to $933.0 million in Q3; adjusted EBITDA moved up 8.5% to $976.6 million YoY
• Earnings, on a per-share basis, moved up 1.2% to $0.85 in the March quarter from $0.84 in the same period last year
• Adjusted earnings per share increased 6.7% year-over-year to $0.96 during the three months
• The company raised its cost-out targets for fiscal 2024 from $100 million to $120 million
• Sysco returned about $753 million to shareholders via $500 million of share repurchases and $253 million of dividends in Q3