Sysco stock was falling hard on Monday following the release of its earnings report for its fiscal first quarter of 2019.
Sysco (NYSE:SYY) reported earnings per share of 91 cents for its fiscal first quarter of 2019. This is better than its earnings per share of 74 cents reported in the fiscal first quarter of the previous year. However, it was bad news for Sysco stock by coming in just below Wall Street’s earnings per share estimate of 92 cents for the period.
Net income reported by Sysco for its fiscal first quarter of 2019 came in at $431.04 million. This is an increase over the company’s net income of $367.64 million reported during the same period of the year prior.
Sysco’s earnings report for its fiscal first quarter of 2019 also includes operating income of $628.14 million. The food marketing and distribution company reported operating income of $619.37 million in its fiscal first quarter of the previous year.
During its fiscal first quarter of 2019, Sysco reported revenue of $15.22 billion. This is up from the company’s revenue of $14.65 billion reported during the same time last year. Unfortunately for Sysco stock, it wasn’t quite enough of an increase to reach analysts’ revenue estimate of $15.39 billion for the quarter.
“We continue to see expense challenges in the warehouse and transportation areas of our supply chain, which we anticipate will persist,” Tom Bené, President and CEO of Sysco, said in a statement.
SYY stock was down 9% as of Monday morning, but is up 17% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.