Sysco Reports First Quarter Diluted EPS Of $0.47 ($0.52 After Adjusting For Certain Items)

Nov. 3, 2014

HOUSTON, Nov. 3, 2014 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced financial results for its 13-week first fiscal quarter ended September 27, 2014.

First Quarter Fiscal 2015 Highlights

  • Sales were $12.4 billion, an increase of 6.2% from $11.7 billion in the first quarter of fiscal 2014.
  • Gross profit increased 6.0% to $2.2 billion, and gross margin decreased 4 basis points to 17.59%.
  • Operating income was $466 million, a decrease of 2.6%, compared to $478 million in last year's first quarter.
  • Adjusted1 operating income was $509 million, or 5.9% higher compared to the prior year period, after adjusting for certain items which mainly related to merger and integration planning expenses.
  • Diluted earnings per share (EPS) were $0.47, which was 2.1% lower compared to last year's first quarter.
  • Adjusted1 diluted EPS was $0.52, or 6.1% higher compared to the prior year period.

"We are pleased with the solid operating performance we delivered in our first fiscal quarter in the midst of ongoing challenging market conditions," said Bill DeLaney, Sysco's president and chief executive officer. "While we were challenged with expense management in certain aspects of our business, we generated 2% case volume growth and managed acute inflationary pressures very effectively. Our improved performance during the quarter was due in part to the benefits we realized from our portfolio of business transformation initiatives, especially category management." Full report.