Sysco (NYSE: SYY) reported an adjusted loss of $0.29 per share in its fourth quarter of 2020. This compares with adjusted earnings of $2.01 per share in the prior-year quarter. Sales dropped 43% to $8.9 billion in the final quarter of fiscal 2020. While the loss per share was a penny better than the market’s estimates, revenue failed to meet the consensus targets.
SYY stock dropped about 2% in the pre-market trading session.
“While our fourth quarter and fiscal 2020 results were significantly impacted by the COVID-19 pandemic, we quickly responded by strengthening our balance sheet, adding new and different types of customers, and strategically committing resources to plan for the eventual return of demand. Our quarterly results came in notably better than we anticipated,” said CEO Kevin Hourican.