FX.co ★ Sysco Q3 Adj. EPS Tops Estimates, But Sales Miss; Appoints Kevin Hourican As Chairman

Sysco Corp., in its Q3 reports, noted net earnings of $424.69 million, or $0.85 per share, a slight decrease compared to their prior-year quarter results of $429.60 million, or $0.84 per share. However, adjusted earnings, excluding specific items, saw an increase from $0.90 to $0.96 per share.

Sales also experienced growth, with a 2.7% increase totaling $19.38 billion, up from last year's same quarter results of $18.88 billion. Even though these figures are quite impressive, analysts who were surveyed by Thomson Reuters had projected higher earnings of $0.95 per share and revenues of $19.74 billion.

Looking forward to the fiscal year of 2024, Sysco Corp. reiterated their forecast for adjusted earnings, which they anticipate to range from $4.20 to $4.40 per share. It also plans to return $2.25 billion to its shareholders during the same fiscal year. For contrast, the current Street's expectations are of earnings of $4.32 per share.

In related news, Sysco Corp. also announced leadership changes. The Board has decided to appoint the current President and CEO, Kevin Hourican, as the Chair of the Board of Directors. He succeeds Edward Shirley, who has resigned due to personal health concerns.