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Sysco Reports First Quarter Net Earnings Of $286 Million And Diluted EPS Of $0.48 ($0.49 After Adjusting For Certain Items)

Stocks in this article: SYY

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.

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