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Sysco beats Q4 and FY 2022 sales, earnings expectations

Sysco beats Q4 and FY 2022 sales, earnings expectationsImage provided by iStock.


Sysco Corp. boosted its Q4 and FY 2022 results, surpassing revenue and earnings expectations, according to an earnings report. Highlights include:

  • Sales increased 17.5% from $16.1 billion in Q4 2021 to $19 billion for the quarter ending July 2, 2022.
  • Sales increased 22.5% versus the same period in fiscal year 2019.
  • Net earnings rose 237.5% from $151 million to $510 million in the comparative quarters.
  • On a non-GAAP basis, earnings rose 60.6% to $588.3 million.
  • EPS increased 241.4% from 29 cents to 99 cents.
  • Adjusted EPS increased 62% from 71 cents to $1.15.
  • U.S. foodservice sales rose 16.4% to $13.4 billion.
  • International foodservice sales rose 30.4% to $3.3 billion.
  • For full year results, sales increased 33.8% from $51.3 billion in 2021 to $68.6 billion for the 52-week period ending July 2, 2022.
  • Sales increased 14.2% versus fiscal year 2019.
  • Net earnings rose 159.2% from $524.2 million to $1.35 billion in the comparative fiscal years.
  • EPS increased 158.8% from $1.02 to $2.64 in the comparative years.
  • Adjusted EPS increased 125.7% from $1.44 to $3.25 in the comparative years.

Shares traded at $82.34 Tuesday against a 52-range of $68.05-$91.53.

The quarterly revenue of $19 billion beat analyst estimates by $710 million, while the non-GAAP EPS of $1.15 beat expectations by 4 cents, according to Seeking Alpha.

"Sysco delivered strong financial results, growing volumes and sales, effectively managing double-digit inflation and improving profitability, all while also strengthening our balance sheet and returning $1.5 billion to our shareholders," Aaron Alt, Sysco's CFO, said in the press release. "While keeping a careful eye on macro-economic developments, we expect to grow adjusted EPS by 26% to 35%, or $4.09 to $4.39, for fiscal year 2023."



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