Vending

Sysco lifts Q2 2023 sales, earnings slide

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January 31, 2023

Sysco Corp. reported higher sales and an earnings decline for Q2 2023, according to an earnings release. Highlights include:

• Sales increased 13.9%, from $16.3 billion in Q2 2022 to $18.59 billion in the quarter ending Dec. 31, 2022.
• Net earnings fell from $167.4 million to $141.2 million in the comparative quarters.
• Basic and diluted EPS both fell 15.2%, from 33 cents to 28 cents in the comparative quarters.
• Adjusted EPS rose 40.4%, from 57 cents to 80 cents in the comparative quarters.
• U.S. foodservice sales rose 13.7%, to $13.1 billion.
• International foodservice sales rose 17%, to $3.3 billion.

Shares traded today at $76.64 against a 52-week range of $70.61 to $91.53.

The quarterly revenue of $18.59 billion was in line with analyst expectations, while the non-GAAP EPS of 80 cents missed expectations by 4 cents, according to Seeking Alpha.

"Sysco results this quarter included double-digit top-line and bottom-line growth, ongoing market share gains and continued advancement of our Recipe For Growth strategy," Kevin Hourican, president and CEO, said in the press release. "This includes improvements in our digital tools, supply chain investments and sales and merchandising initiatives. We remain fully staffed, and we are resolute on continuing to drive profitable share gains and operating efficiency improvements in the second half of the year."