Sysco (NYSE:SYY) earnings for the foodservice supplier company’s fiscal second quarter of 2020 have SYY stock falling on Monday. That’s despite its adjusted per-share earnings of 85 cents, which are above Wall Street’s estimate of 84 cents. The problem is revenue of $15.03 billion. That’s less than analysts’ estimate of $15.09 billion.
Now for a closer look at the most recent Sysco earnings report.
- Adjusted earnings per share come in 13.33% higher than the 75 cents in the same period of the year prior.
- Revenue for the quarter is 1.76% above the $14.77 billion in the fiscal second quarter of 2018.
- Operating income of $552.59 million is a 22.28% increase YoY from $451.90 million.
- The Sysco earnings report also has net income coming in at $383.41 million.
- This is a 43.40% improvement over the company’s net income of $267.38 million during the same time last year.
Joel Grade, Chief Financial Officer of Sysco, has this to say about the SYY stock earnings report.
“Our second quarter fiscal 2020 results were driven by improved local case growth in our U.S. Foodservice segment, particularly within our independent customers. While our adjusted earnings per share were in-line with expectations for the quarter, our operating income results fell short.”
The Sysco earnings report doesn’t make mention of an outlook. Even so, we know what Wall Street is looking for. That includes an adjusted EPS of $3.82 on revenue of $61.44 billion for the full year of fiscal 2020.
SYY stock was down 6.82% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.