Sysco Corporation (NYSE: SYY) reported higher earnings and revenues for the first quarter of 2023 as the company continued to expand its market share and maintained strong volume growth.
Net earnings of the food distribution company, adjusted for non-recurring items, rose sharply to $0.97 per share in the September quarter from $0.83 per share in the prior-year period. Unadjusted net income climbed to $465.6 million or $0.91 per share from $378.0 million or $0.73 per share last year.
The bottom line benefited from a 16% growth in net sales to $19.1 billion. The strong top performance reflects stable consumer demand and customer away-from-home demand.
Read management/analysts’ comments on quarterly earnings
“Sysco began the fiscal year generating double-digit top-line and bottom-line growth, as we effectively managed inflation, increased case volume, and grew market share. We remain on target to grow over 1.35 times the market for the year, as we continue to advance our Recipe For Growth strategy. Our enhanced customer-centric supply chain and selling capabilities will drive long-term returns for our investors,” said Sysco’s CEO Kevin Hourican.