Categories AlphaGraphs, Consumer, Earnings

Earnings: Sysco Q3 profit, revenue rise and beat Street view

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.

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

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