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Sysco Reports Third Quarter Net Earnings Of $201 Million And Diluted EPS Of $0.34 ($0.40 After Adjusting For Certain Items)

HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced financial results for its 13-week third fiscal quarter ended March 30, 2013.

Third Quarter Fiscal 2013 Highlights

  • Sales were $10.9 billion, an increase of 4.0% from $10.5 billion in the third quarter of fiscal 2012.
  • Operating income was $337 million, a decrease of 23.2%, compared to $439 million in last year's third quarter.
  • Diluted earnings per share (EPS) were $0.34, which was 22.7% lower compared to $0.44 in last year's third quarter.
  • After adjusting for certain items, which mainly related to a multi-employer pension plan (MEPP) withdrawal, 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, compared to $0.50 in the prior year period.

Year-To-Date Fiscal 2013 Highlights

  • Sales were $32.8 billion, an increase of 4.7% from $31.3 billion in the first 39 weeks of fiscal 2012.
  • Operating income was $1.2 billion, a decrease of 12.8%, compared to the prior year period.
  • Diluted EPS was $1.20, which was 13.0% lower compared to $1.38 in the prior year period.
  • After adjusting for certain items, adjusted diluted EPS was $1.28. After further adjusting for business transformation expenses to reflect the performance of the company's underlying business, adjusted diluted EPS was $1.55 compared to $1.52 in the prior year period.

"Our financial results reflect in part the difficult market conditions we experienced in our underlying business during the third quarter. Sales and operating earnings were negatively impacted by economic and weather related headwinds which dampened consumers' willingness to spend on meals away from home," said Bill DeLaney, Sysco's president and chief executive officer. "We remain committed to and highly focused on both improving the consistency of our business plan execution and successfully driving out our key strategic initiatives in a manner that contributes to the long-term success of our customers and shareholders."

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