Sysco Corp. (SYY) reported that its net earnings for the first-quarter ended September 27, 2014 dropped to $278.81 million from last year's $285.59 million, with earnings per share decreasing to $0.47 from $0.48 in the previous year.
But, adjusted earnings per share rose to $0.52 from $0.49 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were $12.45 billion, an increase of 6.2% from $11.71 billion in the first quarter of fiscal 2014. Wall Street expected revenues of $12.36 billion for the quarter.
The company said it continues to be in productive discussions with Federal Trade Commission (FTC) staff on a solution to permit the FTC to conclude its review. Given the amount of work remaining, and considering the upcoming holidays, the company does not currently expect to complete the transaction before the first quarter of 2015.
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