Before the opening bell on Monday morning, food distributor Sysco Corp (SYY
) reported its third quarter results, higher revenue and slightly lower unadjusted earnings compared to last year’s Q3.
SYY’s Earnings in Brief
3M reported third quarter revenues of $12.45 billion, up from last year’s Q3 sales of $11.71 billion. Net earnings came in at $278.8 million, or 47 cents per share, which is down from last year’s $285.59 million, or 48 cents per share. On an adjusted basis, SYY’s EPS came in at 52 cents. The company's earnings beat analysts’ estimates of 51 cents EPS on revenues of $12.36 billion.CEO Commentary
Sysco’s president and CEO Bill DeLaney had the following comments: “We are pleased with the solid operating performance we delivered in our first fiscal quarter in the midst of ongoing challenging market conditions. While we were challenged with expense management in certain aspects of our business, we generated 2% case volume growth and managed acute inflationary pressures very effectively. Our improved performance during the quarter was due in part to the benefits we realized from our portfolio of business transformation initiatives, especially category management.”
SYY’s Dividend
Sysco did not mention any changes to its quarterly dividend in its earnings report. We expect Sysco to declare its next dividend in November, with the company most likely raising its payout slightly.
Stock Performance
SYY stock was up 25 cent, or 0.67%, in pre-market trading. YTD, the stock is up 6.76%.
SYY Dividend SnapshotAs of Market Close on October 31, 2014
Click here to see the complete history of SYY dividends.
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