Sysco Corporation Reports Strong Q1 Sales Growth and Profit Increase
Tuesday, 30 April 2024, 14:54
Sysco Corporation Q1 Sales and Profit Surge in Latest Financial Results
Sysco Corporation (NYSE: SYY) reported robust financial results for the third quarter of 2024, with a significant increase in earnings and revenues.
Key Highlights:
- Sales Growth: Q3 sales increased by 2.7% to $19.4 billion.
- Gross Profit Increase: Gross profit surged by 5.2% year-over-year to $3.6 billion.
- Operating Income Rise: Operating income grew by 3.8% to $722.0 million, while adjusted operating income rose by 8.4% to $799.3 million.
Earnings per share showed positive growth, with a 1.2% increase to $0.85 in the March quarter compared to $0.84 in the same period last year. Adjusted earnings per share also climbed by 6.7% year-over-year to $0.96 during the three months.
Shareholder Returns and Targets:
- Shareholder Value: Sysco returned about $753 million to shareholders through $500 million in share repurchases and $253 million in dividends in Q3.
- Cost-Out Targets: The company raised its cost-out targets for fiscal 2024 from $100 million to $120 million.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.