VICTORIA, British Columbia, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Today, Sysco Corporation (NYSE:SYY), the world's largest food distributor, celebrated the arrival of 8 heavy-duty electric tractors to their fleet in Victoria, which serves over 1,500 customers including restaurants, healthcare and education customers. In total, Sysco now has over 130 heavy-duty electric tractors globally across the United States, Canada, United Kingdom and Sweden. "We are excited to scale our electric truck fleet into Canada an ...

HOUSTON, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Today, Sysco Corporation (NYSE:SYY), the world's largest food distributor, announced that the International Foodservice Distribution Association (IFDA) named 23 of Sysco's Delivery Partners to its prestigious 2024 Truck Driver Hall of Fame. The IFDA Truck Driver Hall of Fame program recognizes the foodservice industry's top drivers for their outstanding records of service and safety. For those selected, being inducted is a lifetime honor. "We're incredibly proud of ...

HOUSTON, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY), the world's largest food distributor, today announced its comprehensive plan to support the Food Traceability Rule, issued by the U.S. Food and Drug Administration (FDA) under the Food Safety Modernization Act (FSMA). The new Food Traceability Rule mandates establishing a traceability recordkeeping system for certain foods to facilitate faster identification and rapid removal of potentially harmful products from the market. Effective s ...

HOUSTON, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that the Company will webcast its presentation from the Barclays 17th Annual Global Consumer Staples Conference on Wednesday, Sept. 4, at 1:30 p.m. ET. Additionally, the Company will also webcast its presentation at the Wells Fargo 7th Annual Consumer Conference on Wednesday, Sept. 18, at 8:00 a.m. PST. The live webcast for each of these events can be accessed at investors.sysco.com. An archived replay of the webcasts wi ...

HOUSTON, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.51 per share, payable on October 25, 2024, to common stockholders of record at the close of business on October 4, 2024. About Sysco Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. It ...

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Financial Data and Key Metrics Changes - Sysco delivered adjusted earnings per share of $1.39 for Q4 and $4.31 for the full year, exceeding the midpoint of the initial guidance despite a softer economic environment [8][41] - Total revenue for the year reached $79 billion, a growth of 3.3% compared to fiscal 2023, driven by U.S. Foodservice volume growth of 3.1% and inflation of 0.5% [16][41] - Gross profit for Q4 was $3.8 billion, up 4.2%, with gross margins remaining flat at 18.7% year-over-year [43][41] Business Line Data and Key Metrics Changes - U.S. Foodservice volume increased by 3.5% in Q4, with local volume growth of 0.7% [42][19] - SYGMA cases grew by 5% from Q3 to Q4, indicating a positive trend in volume and profit growth [12][19] - The international segment showed strong performance with local case growth of 5% and a 13.1% increase in adjusted operating income [29][46] Market Data and Key Metrics Changes - Restaurant traffic was down approximately 3% year-over-year for Q4, impacting overall market conditions [17][72] - Sysco's performance outpaced the overall market, achieving growth of 1.75 times the market rate for the year [9][18] - The non-restaurant sectors, such as healthcare and foodservice management, remained less affected by consumer confidence issues [20] Company Strategy and Development Direction - Sysco is focused on improving local case performance in fiscal 2025, with plans to hire an additional 450 sales professionals [23][54] - The company aims to expand its specialty capabilities through M&A and greenfield activities, targeting a $10 billion opportunity in the specialty market [27][36] - A new compensation program was introduced to incentivize sales professionals, aligning their performance with company goals [25][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sales growth of 4% to 5% in fiscal 2025, despite current macroeconomic challenges [50][51] - The company anticipates modest industry traffic improvements in the latter half of fiscal 2025 [53][72] - Sysco's strong operating model and diversified customer base are seen as advantages in navigating the current economic landscape [62][60] Other Important Information - Sysco returned over $2.2 billion to shareholders in FY '24 through share repurchases and dividends [49][41] - The company ended the year with a net debt leverage ratio of 2.7 times, maintaining a strong balance sheet [48][41] - Sysco's focus on supply chain improvements and colleague retention is expected to yield positive results in fiscal 2025 [33][55] Q&A Session Summary Question: Impact of trade down and economic concerns on customer demographics - Management noted that trade down and trade out are affecting all restaurant types, not just lower-end segments, with traffic declines consistent across the board [66][67] Question: Retention trends among new sales hires - Retention rates for new sales hires have remained solid, with a focus on training to ensure productivity [70][74] Question: Promotional environment and gross margin discussions - Management acknowledged increased promotional activity due to competitive pressures but emphasized disciplined pricing strategies [83][84] Question: Expectations for case growth trends in fiscal Q1 - Management indicated that macro conditions in Q1 are similar to Q4, with expectations for gradual improvement later in the fiscal year [92][93] Question: Concerns about potential disruption from sales force investments - Management reassured that while there may be short-term disruptions, the long-term benefits of increased sales force and new compensation models are expected to outweigh these challenges [100][102]

• Sales grew 4.2% YoY +1.1% YoY Net Sales (billions) $19.7 $20.6 +4.2% YoY Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 $1.0 $1.1 +6.4% YoY Gross Profit (billions) $3.7 $3.8 +4.2% YoY Adj. Operating Income1 (billions) • Strong Q4 performance marked by margin management and positive operating leverage • USFS Volume grew 3.5% YoY • Case Growth: • USFS Chain growth • USFS Local +0.7% • International Local +5% • SYGMA +5% (QoQ) • Adj. EBITDA1 of $1.3 billion increased 5.4% YoY • Adj. EPS1 of $1.39 increased ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both. The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor. Zacks Premium includes access to the Zacks Style ...

For the quarter ended June 2024, Sysco (SYY) reported revenue of $20.56 billion, up 4.2% over the same period last year. EPS came in at $1.39, compared to $1.34 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $20.51 billion, representing a surprise of +0.24%. The company delivered an EPS surprise of +0.72%, with the consensus EPS estimate being $1.38. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they com ...