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Sysco Quarter on Target

It beats on the fiscal first quarter.
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Sysco (SYY) - Get Sysco Corporation Report beat fiscal first-quarter financial targets.

The Houston-based foodservice giant made $229 million, or 37 cents a share, before an accounting change in the quarter ended Sept. 30. That's up from the year-ago $199 million, or 31 cents a share. Sales rose to $8.67 billion from $8.01 billion a year earlier.

Analysts surveyed by Thomson Financial were looking for a 36-cent profit on sales of $8.61 billion.

``Our company continued to gain market share by growing sales at a faster pace than the industry," said CEO Richard Schneiders. "In addition, we leveraged our operating expenses during the quarter and generated sound earnings growth and cash flow. Our growth initiatives, including business reviews and increasing the number of our customer contact professionals, remain competitive advantages and continue to produce positive results. This was a very positive quarter and we believe it sets the foundation for the remainder of fiscal 2007.''

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