Sysco Earnings: SYY Stock Up Despite Q3 Revenue Miss

SYY beat EPS estimates for Q3

Sysco earnings for its fiscal third quarter of 2019 have SYY stock heading higher on Monday.

Sysco (NYSE:SYY) starts off its earnings report for its fiscal third quarter of the year with revenue of $14.70 billion. That’s a roughly 2% increase over the company’s revenue from the same period of the year prior. However, it still comes in below Wall Street’s revenue estimate of $14.77 billion for the quarter, but that wasn’t keeping SYY stock down today.

Sysco earnings for its fiscal third quarter of 2019 also have earnings per share coming in at 79 cents. This is an improvement over the company’s earnings per share of 67 cents from its fiscal third quarter of the previous year. It was also a blessing for SYY stock by beating out analysts’ earnings per share estimate of 70 cents for the period.

The Sysco earnings report for its fiscal third quarter of 2019 includes net income of $440.10 million. This is up 33% from the company’s net income reported in its fiscal third quarter of 2018.

Operating income reported in the Sysco earnings report for its fiscal third quarter of the year comes in at $529.60 million. The company’s operating income from the same time last year was roughly 10% lower than this.

“Our results for the quarter show strong improved year-over-year growth and are in line with our expectations,” Tom Bené, Chairman, President and CEO of Sysco, said in a statement. “Our continued focus on profitable growth and supporting our customers at a high level, balanced with managing expenses well, allowed us to deliver solid operating income growth this quarter.”

SYY stock was up 2% as of Monday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/05/sysco-earnings-boost-syy-stock/.

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