Sysco Q1 Profit Down, Misses Street Estimates; Confirms FY24 Outlook

(RTTNews) - Sysco Corp. (SYY), a wholesale restaurant food distributor, reported Tuesday that its first-quarter net earnings dropped 2.6 percent to $490 million from $503 million last year.

Earnings per share were $0.99, same as last year.

Adjusted net earnings were $540 million or $1.09 per share, compared to prior year's $542 million or $1.07 per share.

Sales for the first quarter increased 4.4 percent to $20.5 billion from $19.6 billion a year ago.

Analysts on average expected the company to report earnings of $1.13 per share on sales of $20.46 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Regarding the fiscal 2024 outlook, the company said it continues to expect sales growth of 4 percent to 5 percent and adjusted earnings per share growth of 6 percent to 7 percent from last year.

In pre-market activity on the NYSE, Sysco shares were losing around 2.3 percent to trade at $73.34.

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