HOUSTON, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY), the world's largest food distributor, announced today that Roberto Marques will join Sysco's Board of Directors effective August 15, 2024. Kevin Hourican, Sysco's chair of the board and CEO, said, "We are very pleased to welcome Roberto to our board. Sysco's board and management team will benefit from Roberto's extensive experience in global, consumer-focused businesses. Roberto has worked in a number of consumer sectors, including hea ...

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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Sysco Corporation (NYSE:SYY) Q4 2024 Earnings Conference Call July 30, 2024 10:00 AM ET Company Participants Kevin Kim - VP, IR Kevin Hourican - Chairman and CEO Kenny Cheung - CFO Conference Call Participants Mark Carden - UBS Lauren Silberman - Deutsche Bank Jake Bartlett - Truist Securities John Heinbockel - Guggenheim Brian Harbour - Morgan Stanley Kendall Toscano - Bank of America Operator Welcome to Sysco's Fourth Quarter Fiscal Year 2024 Conference Call. As a reminder, today's call is being recorded. ...

• 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 ...

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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 ...

Sysco (SYY) came out with quarterly earnings of $1.39 per share, beating the Zacks Consensus Estimate of $1.38 per share. This compares to earnings of $1.34 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 0.72%. A quarter ago, it was expected that this food distributor would post earnings of $0.95 per share when it actually produced earnings of $0.96, delivering a surprise of 1.05%. Over the last four quarters, the company has ...

Sales Performance - Sales increased 4.2% to $20.6 billion in Q4 FY2024, with U.S. Foodservice volume up 3.5% and U.S. local volumes growing 0.7%[2][30] - U.S. Foodservice Operations sales increased 3.1% to $55.3 billion in FY2024, with total case volume growing 3.1% and local case volume up 1.1%[15] - Sales for the 13-week period ended June 29, 2024, were $20.556 billion, a 4.2% increase from $19.728 billion in the same period last year[58] - Sales for the 13-week period ended June 29, 2024, were $20.6 billion, a 4.2% increase year-over-year[59] - Sysco generated sales of more than $78 billion for the fiscal year 2024 ended June 29, 2024[62] - Sales (GAAP) increased by $2.519 billion (3.3%) to $78.844 billion for the 52-week period ended June 29, 2024, compared to $76.325 billion in the previous year[72] - Comparable sales using a constant currency basis (Non-GAAP) grew by $2.266 billion (3.0%) to $78.591 billion[72] - U.S. Foodservice Operations sales increased by 4.9% to $14,413 million compared to $13,746 million in the previous year[76] - International Foodservice Operations sales grew by 3.8% to $3,789 million, with a 4.5% increase on a constant currency basis[76] - SYGMA sales rose by 2.0% to $2,044 million, with gross profit increasing by 1.2% to $163 million[76] - Total Sysco sales increased by 4.2% to $20,556 million, with gross profit up by 4.2% to $3,838 million[77] - U.S. Foodservice Operations sales increased by 3.1% to $55,339 million, with gross profit rising by 3.4% to $10,709 million[91] - International Foodservice Operations sales increased by 7.4% to $14,561 million, with gross profit rising by 11.6% to $2,947 million[91] - Comparable sales for International Foodservice Operations using a constant currency basis increased by 5.5% to $14,305 million[91] - Total Sysco sales (GAAP) for fiscal 2024 are $78,844 million, a 3.3% increase from fiscal 2023[100] Profitability and Margins - Gross profit increased 4.2% to $3.8 billion in Q4 FY2024, driven by positive volumes and effective management of product cost inflation[2][9] - Adjusted operating income increased 6.4% to $1.1 billion in Q4 FY2024, while adjusted EBITDA rose 5.4% to $1.3 billion[2][31] - Gross profit for the 13-week period ended June 29, 2024, was $3.838 billion, up 4.2% from $3.685 billion in the previous year[58] - Gross profit for the 13-week period ended June 29, 2024, was $3.8 billion, a 4.2% increase year-over-year[59] - Gross profit (GAAP) rose by $653 million (4.7%) to $14.608 billion, with gross margin increasing by 25 bps to 18.53%[72] - Operating income (GAAP) increased by $163 million (5.4%) to $3.202 billion, with operating margin up by 8 bps to 4.06%[72] - Operating income adjusted for Certain Items (Non-GAAP) grew by $271 million (8.4%) to $3.481 billion, with operating margin up by 21 bps to 4.42%[72] - Operating income adjusted for Certain Items (Non-GAAP) for Total Sysco increased by 6.4% to $1,083 million[77] - International Foodservice Operations gross margin improved by 90 basis points to 20.74% on a constant currency basis[76] - U.S. Foodservice Operations operating income adjusted for Certain Items (Non-GAAP) increased by 1.1% to $1,066 million[76] - Global Support Center operating loss adjusted for Certain Items (Non-GAAP) improved by 12.1% to $196 million[77] - Other segment sales decreased by 5.8% to $310 million, with gross margin improving by 67 basis points to 27.42%[77] - Operating income adjusted for Certain Items (Non-GAAP) for U.S. Foodservice Operations increased by 3.2% to $3,745 million[91] - Operating income adjusted for Certain Items (Non-GAAP) for International Foodservice Operations increased by 23.6% to $492 million[91] - EBITDA adjusted for Certain Items (Non-GAAP) for fiscal 2024 is $1,263 million, a 5.4% increase from fiscal 2023[104] - Operating income adjusted for Certain Items (Non-GAAP) grew by $271 million, an 8.4% increase[105] Cash Flow and Debt - Free cash flow for FY2024 increased 5.6% to $2.2 billion, with cash flow from operations up 4.2% to $3.0 billion[30][20] - Net Debt to adjusted EBITDA improved to 2.7 times, within the company's target ratio, with $2.2 billion returned to shareholders via share repurchases and dividends[30] - Sysco returned $2.2 billion to shareholders, including $1.2 billion in share repurchases and $1.0 billion in dividends[44] - Capital expenditures for fiscal year 2024 were $753 million, net of proceeds from sales of plant and equipment[45] - Free Cash Flow (Non-GAAP) for the 52-week period ended Jun. 29, 2024, is $2,236 million, a $119 million increase from the previous year[102] - Net Debt/Adjusted EBITDA Ratio is 2.69[99] Earnings and EPS - Adjusted EPS increased 3.7% to $1.39 in Q4 FY2024, compared to $1.44 in the same period last year[2] - Net earnings for the year ended June 29, 2024, were $1.955 billion, compared to $1.770 billion in the previous year[54] - Net earnings (GAAP) for the 13-week period ended June 29, 2024, were $612 million, a 16.5% decrease from $733 million in the same period last year[58] - Net earnings for the 13-week period ended June 29, 2024, were $612 million, a 16.5% decrease year-over-year[59] - Diluted earnings per share for the 13-week period ended June 29, 2024, were $1.23, a 14.6% decrease year-over-year[59] - Net earnings adjusted for Certain Items (Non-GAAP) increased by $123 million (6.0%) to $2.167 billion[73] - Diluted EPS (GAAP) rose by $0.42 (12.1%) to $3.89, while adjusted diluted EPS (Non-GAAP) increased by $0.30 (7.5%) to $4.31[73] - Diluted earnings per share (GAAP) decreased by 14.6% to $1.23 compared to $1.44 in the previous year[85] - Diluted earnings per share adjusted for Certain Items (Non-GAAP) increased by 3.7% to $1.39 compared to $1.34 in the previous year[85] - Net earnings (GAAP) increased by $185 million, a 10.5% growth compared to the previous year[105] Operational Metrics - U.S. Foodservice case growth for the 13-week period ended June 29, 2024, was 3.5%[59] - Sysco Brand Sales as a percentage of cases for U.S. Broadline was 36.6%, a decrease of 51 basis points year-over-year[59] - Sysco operates 340 distribution facilities worldwide and serves approximately 730,000 customer locations[62] - Operating expenses (GAAP) for the 13-week period ended June 29, 2024, were $2.861 billion, up 5.2% from $2.720 billion in the previous year[58] - Adjusted operating expense as a percentage of sales (Non-GAAP) was 13.40%, a decrease of 12 basis points from 13.52% in the prior year[58] - Operating margin adjusted for certain items (Non-GAAP) was 5.27%, an increase of 11 basis points from 5.16% in the previous year[58] - Operating income for the 13-week period ended June 29, 2024, was $977 million, a 1.2% increase year-over-year[59] - Adjusted EBITDA for the 13-week period ended June 29, 2024, was $1.3 billion, a 5.4% increase year-over-year[59] - Operating expenses adjusted for Certain Items (Non-GAAP) for Total Sysco increased by 3.3% to $2,755 million[77] - Diluted shares outstanding decreased by 6,623,670 to 503,096,086[75] Costs and Expenses - Product cost inflation was 1.6% at the total enterprise level in Q4 FY2024, primarily in the poultry and meat categories[9] - Fiscal 2024 includes $28 million in restructuring and severance charges and $33 million in transformation initiative costs, primarily related to business technology strategy changes[85] - Fiscal 2024 includes $37 million of intangible amortization expense and $8 million in acquisition and due diligence costs[85] - Fiscal 2024 includes $56 million related to restructuring and severance charges and $64 million related to various transformation initiative costs, primarily consisting of changes to the business technology strategy[87] - Fiscal 2024 includes $226 million in GAAP depreciation and amortization expense, less $38 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions[96] - Fiscal 2023 includes $201 million in GAAP depreciation and amortization expense, less $28 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions[96] - Fiscal 2024 represents $8 million in GAAP other expense (income), net, while fiscal 2023 represents $128 million in GAAP other expense (income), net less $122 million in income from a litigation financing agreement[96] - Fiscal 2023 includes a pension settlement charge of $315 million and $122 million in income from a litigation financing agreement[97] - Fiscal 2024 includes $873 million in GAAP depreciation and amortization expense, less $132 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions[97] - Fiscal 2023 includes $776 million in GAAP depreciation and amortization expense, less $107 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions[97] - Depreciation and amortization (GAAP) increased by $97 million, up 12.5% from the previous year[105] - Interest expenses (GAAP) rose by $80 million, a 15.2% increase compared to the prior year[105] - Income taxes (GAAP) increased by $95 million, an 18.4% rise year-over-year[105] - Restructuring and transformational project costs increased by $55 million, a 90.2% jump from the previous year[105] - Acquisition-related costs surged by $21 million, a significant increase compared to the prior year[105] - Other expense (income), net, as adjusted (Non-GAAP) decreased by $3 million, a 9.1% reduction[105] International Operations - International Foodservice Operations saw a 19.4% increase in operating income and a 23.6% rise in adjusted operating income for FY2024[29][18] - International Foodservice Operations sales grew by 3.8% to $3,789 million, with a 4.5% increase on a constant currency basis[76] - International Foodservice Operations sales increased by 7.4% to $14,561 million, with gross profit rising by 11.6% to $2,947 million[91] - Comparable sales for International Foodservice Operations using a constant currency basis increased by 5.5% to $14,305 million[91] - Operating income adjusted for Certain Items (Non-GAAP) for International Foodservice Operations increased by 23.6% to $492 million[91] Shareholder Returns and Future Outlook - The company expects a compounded annual growth rate of 4%-6% for net sales, 6%-8% for adjusted EPS, and 9-11% total shareholder returns over the next three years[8] - Sysco returned $2.2 billion to shareholders, including $1.2 billion in share repurchases and $1.0 billion in dividends[44] - Adjusted EBITDA for the previous 12 months reached $4,192 million, a 9.0% increase from the prior period[105] - EBITDA (Non-GAAP) rose by $457 million, representing a 12.7% increase year-over-year[105]