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Sysco Corp. lifted its Q3 2023 sales and earnings over the prior year period, according to an earnings report. Highlights include:
- Sales rose 11.7% from $16.9 billion in Q2 2022 to $18.9 billion in the quarter ending April 1, 2023.
- Net earnings rose 41.6% from $303.3 million to $429.6 million in the comparative quarters.
- Basic EPS rose from 60 cents to 85 cents.
- Diluted EPS rose 42.4% from 59 cents to 84 cents.
- Adjusted EPS increased 26.8% to 90 cents.
- U.S. foodservice sales increased 10.4% to $13.3 billion. Local case volume within U.S. foodservice grew 4.2% for the third quarter, while total case volume within U.S. foodservice grew 6.1%.
- International foodservice sales rose 18% to $3.3 billion. On a constant currency basis, sales for the third quarter were $3.6 billion, an increase of 25.3% compared to the same period last year. Foreign exchange rates decreased both international foodservice operations sales by 7.3% and total Sysco sales by 1.2% during the quarter.
Shares traded at $74.23 today against a 52-week range of $70.61-$90.74.
The $18.9 billion in quarterly revenue beat analyst expectations by $340 million and the non-GAAP EPS of 90 cents missed expectations by 2 cents, according to Seeking Alpha.
“Sysco delivered another quarter of double-digit top- and bottom-line growth, inclusive of volume and market share gains,” Kevin Hourican, president and CEO, said in the press release. “We delivered strong sales growth throughout the quarter, despite some industry softness beginning in March.”
