HOUSTON, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced financial results for its 13-week first fiscal quarter ended September 28, 2013.
First Quarter Fiscal 2014 Highlights
- Sales were $11.7 billion, an increase of 5.7% from $11.1 billion in the first quarter of fiscal 2013.
- Operating income was $478 million, which was flat compared to the prior year period.
- Diluted earnings per share (EPS) were $0.48, which was 2.0% lower compared to $0.49 in last year's first quarter.
- After adjusting for certain items, which mainly related to restructuring charges, adjusted 1 diluted EPS was $0.49 which was flat compared to the prior year. After further adjusting for business transformation expenses, to reflect the performance of the company's underlying business, adjusted diluted EPS was $0.56, compared to $0.58 in the prior year period.
"Our first quarter results were achieved in a market environment that remains very challenging for many of our customers, especially those who operate in the casual dining restaurant segment. While overall sales growth compared to the prior year was solid, gross profit growth was modest," said Bill DeLaney, Sysco's president and chief executive officer. "Particularly encouraging, however, was our expense management performance which was largely driven by successfully executing our broad array of ongoing Business Transformation initiatives. Looking forward, strong execution of both our business plan and key strategic initiatives is paramount to our providing best in class service to our customers and achieving our financial objectives for fiscal 2014."First Quarter Fiscal 2014 Summary Sales for the first quarter were $11.7 billion, an increase of 5.7% compared to sales in the same period last year. Food cost inflation was 2.1%, as measured by the estimated change in Sysco's product costs, driven mainly by inflation in the poultry category. In addition, sales from acquisitions (within the last 12 months) increased sales by 2.3%, and the impact of changes in foreign exchange rates for the first quarter decreased sales by 0.5%. Case volume for the company's Broadline and SYGMA operations combined grew 4.1% during the quarter, including acquisitions, and increased approximately 1.8%, excluding acquisitions.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV