Sysco (NYSE:SYY) earnings for the food company’s fiscal fourth quarter of 2020 have SYY stock rising higher on Tuesday. That’s due to its adjusted losses per share of 29 cents beating out Wall Street’s estimate of 30 cents. However, its revenue of $8.9 billion is below analysts’ estimate of $9.52 billion.
Let’s take a deeper dive into the most recent Sysco earnings report.
- Adjusted per-share losses are a negative switch from the company’s adjusted EPS of $1.10 in the same period of the year prior.
- Revenue for the quarter comes in 42.7% lower than the $15.47 billion reported in fiscal Q4 2019.
- Operating loss of $531.6 million is a massive decline year-over-year from an operating income of $720.53 million.
- The Sysco earnings report also has it bringing in a net loss of $618.42 million.
- That’s nowhere close to the company’s net income of $535.77 million reported during the same time last year.
Kevin Hourican, president and CEO of Sysco, said the following in the current earnings report.
“While our fourth quarter and fiscal 2020 results were significantly impacted by the COVID-19 pandemic, we quickly responded by strengthening our balance sheet, adding new and different types of customers, and strategically committing resources to plan for the eventual return of demand. Our quarterly results came in notably better than we anticipated.”
Sysco doesn’t provide guidance in its fiscal Q4 earnings report. That makes sense with the novel coronavirus affecting markets. Many other companies are withholding outlooks during the pandemic.
SYY stock was up 2.2% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.