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TheStreet Open House

Sysco Reports Second Quarter Net Earnings Of $221 Million And Diluted EPS Of $0.38 ($0.40 After Adjusting For Certain Items)

HOUSTON, Feb. 4, 2013 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced financial results for its 13-week second fiscal quarter ended December 29, 2012.

Second Quarter Fiscal 2013 Highlights

  • Sales were $10.8 billion, an increase of 5.4% from $10.2 billion in the second quarter of fiscal 2012, and Sysco's highest second quarter on record.
  • Operating income was $383 million, a decrease of 10.4%, compared to $427 million in last year's second quarter.
  • Diluted earnings per share (EPS) were $0.38, which was 11.6% lower compared to $0.43 in last year's second quarter.
  • After adjusting for certain items, which mainly related to restructuring charges, adjusted 1 diluted EPS was $0.40. After further adjusting for business transformation expenses, to reflect the performance of the company's underlying business, adjusted diluted EPS was $0.49, or a 4.3% increase compared to the prior year.

First Half Fiscal 2013 Highlights

  • Sales were $21.9 billion, an increase of 5.1% from $20.8 billion in the first half of fiscal 2012.
  • Operating income was $861 million, a decrease of 8.0%, compared to $936 million in last year's first half.
  • Diluted EPS was $0.86, which was 8.5% lower compared to $0.94 in last year's first half.
  • After adjusting for certain items, adjusted diluted EPS was $0.89. After further adjusting for business transformation expenses, to reflect the performance of the company's underlying business, adjusted diluted EPS was $1.06, or a 3.9% increase compared to the prior year.

"We had solid case growth during the quarter, which was driven by both organic and acquisition growth," said Bill DeLaney, Sysco's president and chief executive officer. "Our 47,000 associates continued to effectively support our customers in the midst of challenging market conditions, including the impact of Hurricane Sandy."

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