Sysco Q1 Adj. EPS Miss Estimates, But Sales Top; Reaffirms FY22 Outlook

Sysco Corp. (SYY) reported Tuesday net earnings for the first quarter that increased to $465.57 million or $0.91 per share from $378.01 million or $0.73 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.97 per share, compared to $0.83 per share in the year-ago quarter.

Sales for the quarter grew 16.2 percent to $19.13 billion from $16.46 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share on revenues of $18.66 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company is reaffirming its forecast for adjusted earnings in the range of $4.09 to $4.39 per share, and to return $1.5 billion to shareholders during fiscal year 2023. The Street is currently looking for earnings of $4.18 per share

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