Vending

Sysco posts double digit Q1 2023 sales, earnings growth

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November 1, 2022

Sysco Corp. lifted its sales and earnings for Q1 2023 with double digit growth in both its U.S. and international operations, according to an earnings release. Highlights include:

• Sales rose 16.2%, from $16.5 billion in Q1 2021 to $19.13 billion for the quarter ending Oct. 1, 2022.
• Net earnings rose 23.2%, from $378 million to $465.6 million in the comparative quarters.
• Diluted earnings per share rose 24.7%, from 73 cents to 91 cents, while basic EPS rose from 74 cents to 92 cents.
• Adjusted EPS rose from 83 cents to 97 cents.
• U.S. foodservice sales rose 17.2% to $13.6 billion.
• International foodservice sales rose 13.4% to $3.3 billion.

Shares traded at $83.13 today against a 52-week range of $68.05-$91.53.

The $19.13 billion in quarterly revenue beat analyst expectations by $430 million, while the non-GAAP EPS of 97 cents missed expectations by 2 cents, according to Seeking Alpha.

"Sysco began the fiscal year generating double-digit top-line and bottom-line growth, as we effectively managed inflation, increased case volume and grew market share," Kevin Hourican, president and CEO, said in the press release. "We remain on target to grow over 1.35 times the market for the year as we continue to advance our 'Recipe For Growth' strategy. Our enhanced customer-centric supply chain and selling capabilities will drive long-term returns for our investors."