Food distribution company Sysco Corporation (NYSE: SYY) reported stronger-than-expected earnings and revenues for the third quarter of 2022. The company’s stock gained about 8% early Tuesday, immediately after the announcement.
Net earnings, adjusted for non-recurring items, more than doubled to $0.71 per share in the March quarter, far exceeding the consensus forecast. Net income climbed to $303.3 million or $0.59 per share from $88.9 million or $0.17 per share last year.
The impressive outcome reflects a 43% growth in net sales to $16.9 billion. analysts were looking for slower growth. The top-line benefitted from strong consumer and customer away-from-home demand in late February and March, as the business recovered from the impact of Omicron.
Check this space to read management/analysts’ comments on Sysco’s Q3 2022 earnings
“Our profit performance this quarter exceeded our expectations and demonstrates the progress we are making in advancing our strategy. I want to thank our associates for the change they are driving to enable Sysco to better serve our customers,” said Sysco’s CEO Kevin Hourican.
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