Vending

Sysco posts strong Q3 2022 sales, earnings

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May 11, 2022

Sysco Corp. posted strong sales and earnings for Q3 2022 against the prior year period, according to an earnings release. Highlights include:

Sales rose 42.9% from $11.8 billion in Q3 2021 to $16.99 billion in the quarter ending April 2, 2022 in the comparative quarters.
Net earnings rose 241.1% from $88.9 million to $303.3 million.
Basic earnings per share rose from 17 cents to 60 cents while diluted earnings per share jumped from 17 cents to 59 cents.
Adjusted EPS rose from 22 cents to 71 cents.
U.S. foodservice sales for the third quarter were $12 billion, an increase of 43.6% compared to the same period last year. Local case volume within U.S. broadline operations increased 14.1% for the third quarter, while total case volume within U.S. broadline operations increased 18.8%, in each case as compared to the same period last year. Both increases represent organic growth.
International foodservice sales for the third quarter were $2.8 billion, an increase of 64.5% compared to the same period last year. On a constant currency basis, sales for the third quarter for international foodservice were $2.9 billion, an increase of 69.3% compared to the same period last year.
Company sales rose 41.3% from $35.16 billion for the 39-week period ending March 27, 2021 to $49.7 billion for the 39-week period ending April 2, 2022.
Net earnings rose from $373.12 million to $848,79 million for the comparative 39-week periods.
Basic earnings per share rose from 73 cents to $1.66 for the comparative 39-week periods while diluted EPS rose from 73 cents to $1.65 for the comparative 39-week periods.

Shares traded Tuesday at $86.05 against a 52-week range of $68.05-$01.53.

The $16.99 billion in quarterly revenue beat analyst expectations by $1 billion while the non-GAAP EPS of 71 cents beat expectations by 16 cents, according to Seeking Alpha.

"Our profit performance this quarter exceeded our expectations and demonstrates the progress we are making in advancing our strategy," Kevin Hourican, president and CEO, said in the press release.