Sysco Earnings Up

Foodservice distributor Sysco has reported third quarter earnings growth and the first quarter since Sept. 2008 in which the company produced year-over-year sales growth.
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HOUSTON, Texas (TheStreet) -- Foodservice distributor Sysco (SYY) - Get Report has reported third quarter earnings growth on Monday and the first quarter since Sept. 2008 in which the company produced year-over-year sales growth.

Net earnings for Sysco for the third quarter were $248 million, up 9.5%.

Earnings were 42 cents a share, aided by a penny-a-share favorable impact from corporate owned life insurance (COLI). This was an increase of 10.5% compared with 38 cents a share in last year's third quarter, which included a penny a share negative impact from COLI.

Sysco sales rose 2.4% to $8.9 billion in the year-ago third quarter. In addition to case volume growth, the impact of changes in foreign exchange rates for the quarter increased sales by 1.6%.

Analysts surveyed by Thomson Reuters were forecasting third quarter earnings of 40 cents a share on revenue of $8.75 billion.

Sysco stock has risen 2.4% to $32.30 in pre-market trading.

-- Reported by Andrea Tse in New York

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