Sysco Q3 Adj. EPS Tops Estimates, But Sales Miss; Appoints Kevin Hourican As Chairman

(RTTNews) - Sysco Corp. (SYY) reported Tuesday net earnings for the third quarter of $424.69 million or $0.85 per share, compared to $429.60 million or $0.84 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.96 per share, compared to $0.90 per share in the year-ago quarter.

Sales for the quarter grew 2.7 percent to $19.38 billion from $18.88 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share on revenues of $19.74 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company is reaffirming its forecast for adjusted earnings in the range of $4.20 to $4.40 per share, and to return $2.25 billion to shareholders during fiscal year 2024. The Street is currently looking for earnings of $4.32 per share.

Separately, the company announced that the Board has appointed President and Chief Executive Officer Kevin Hourican to Chair of the Board of Directors to succeed Edward Shirley, who has stepped down due to personal health reasons.

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