Foodservice

Sysco lifts Q1 2023 sales, earnings

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October 31, 2023

Sysco Corp. lifted its sales and earnings for Q1 2023 over the prior year period, with growth in both its domestic and international operations, according to an earnings report. Highlights include:

• Sales increased 2.6% from $19.1 billion in Q1 2022 to $19.6 billion in the quarter ending Sept. 30, 2023.
• Net earnings rose 8.1% from $456.6 million to $503.4 million in the comparative quarters.
• Diluted EPS rose 8.8% from 91 cents to 99 cents.
• Adjusted EPS increased 10.3% to $1.07.
• U.S. foodservice sales rose 0.9% from $13.6 billion to $13.7 billion. Total case volume grew 1.6% for the first quarter, while local case volume decreased 0.1%.
• International foodservice sales rose 12.2% from $3.28 billion to $3.7 billion.

Shares traded today at $66.74 against a 52-week range of $62.24 to $87.21.

The $19.6 billion in quarterly revenue missed analyst estimates by $10 million while the non-GAAP EPS of $1.07 beat estimates by 3 cents, according to Seeking Alpha.

"Sysco delivered another quarter of compelling earnings results, growing operating income by 9.1% and adjusted operating income by 10.6%," Kevin Hourican, president and CEO, said in the press release. "Sysco's strong profitability, size and scale advantages, and balance sheet position us for profitable growth for the remainder of fiscal year 2024 and beyond."