Sysco Q4 Profit Surges, Looks Ahead To Adj. Earnings Growth In FY23

(RTTNews) - Sysco Corp. (SYY) Tuesday reported a more than a three-times surge in fourth-quarter earnings, supported by 17.5 percent growth in sales. The company projects fiscal 2023 adjusted earnings to grow.

Earnings for the quarter spiked to $509.99 million from $151.09 million last year. On a per share basis, earnings were $0.99, compared to $0.29 a year ago. On an adjusted basis, earnings were $588.3 million or $1.15 per share.

Sales for the quarter increased to $18.957 billion from $16.136 billion in the previous year. On a comparable 13-week basis, sales were up 26.5 percent to $19.0 billion.

The global major in selling, marketing, and distributing food products noted that the U.S. Foodservice Operations segment generated strong sales growth of 30.3 percent to $3.3 billion.

On average, 13 analysts polled by Thomson Reuters were looking for revenue of $18.27 billion.

Looking ahead to fiscal 2023, the company said it expects to grow adjusted earnings per share by 26 - 35 percent, or $4.09 - $4.394.