Food distribution company Sysco Corporation (NYSE: SYY) reported higher earnings and revenues for the fourth quarter of 2022. The top line also exceeded Wall Street’s estimates.
Net earnings, adjusted for non-recurring items, rose sharply to $1.15 per share in the June quarter from $0.71 per share in the prior-year period. Unadjusted net income climbed to $510 million or $0.99 per share from $151.1 million or $0.29 per share last year.
The impressive outcome reflects a 17% growth in net sales to $18.9 billion. Analysts were looking for slower growth. The top-line benefitted from strong consumer and customer away-from-home demand.
Check this space to read management/analysts’ comments on Sysco’s Q4 2022 earnings
“Sysco generated another quarter of top-line and bottom-line improvements, topping off a strong year of financial performance, especially given the environmental conditions. This included growing more than 1.3 times the market for the year and exceeding fiscal 2019 operating income for the quarter by 6.4 percent. The strong financial performance was delivered while simultaneously investing in our Recipe For Growth strategy,” said Sysco’s CEO Kevin Hourican.