Sysco Raises FY22 Adj. EPS Outlook - Update

While reporting upbeat Q3 results on Tuesday, Sysco Corp. (SYY) raised its adjusted earnings guidance for fiscal year 2022 to $3.16 - $3.26 per share from $3.00 - $3.10 per share.

Fourteen Wall Street analysts have a consensus earnings estimate of $3.08 per share for the fiscal year 2022.

"Our financial results this quarter reflect strong demand and excellent progress against our transformation efforts. Notwithstanding double-digit inflation and purposeful snap back and transformation investments, our resilient business generated strong profitability... During the quarter, we continued our growth investments, maintained our strong balance sheet and, consistent with our status as a dividend Aristocrat, announced another increase to our dividend," said Aaron Alt, Sysco's chief financial officer.

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