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Sysco Posts Adj. Loss In Q4; Sales Down 42.7%

Sysco Corp. (SYY) reported a fourth quarter adjusted loss per share of $0.29, down 126.4% from prior year. On average, eight analysts polled by Thomson Reuters expected the company to report a loss per share of $0.30, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating loss was $33.9 million, down 104.1% year-on-year.

Fourth quarter sales decreased 42.7% to $8.9 billion. Analysts expected revenue of $9.52 billion for the quarter. For U.S. Foodservice Operations, sales were $6.1 billion, a decrease of 42.8%.

Kevin Hourican, Sysco's CEO, said: "While our fourth quarter results were significantly impacted by the COVID-19 pandemic, we quickly responded by strengthening our balance sheet, adding new and different types of customers, and strategically committing resources to plan for the eventual return of demand. Our quarterly results came in notably better than we anticipated."

Shares of Sysco Corp. were down 2% in pre-market trade on Tuesday.

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