Food distribution giant Sysco Corp. (SYY) posted a drop in third-quarter net earnings to $201.42 million, or $0.34 a share, from $259.55 million, or $0.44 a share reproted a year back.
Adjusting for items, mainly relating to a multi-employer pension plan withdrawal, third-quarter non-GAAP earnings per share totaled $0.40. After further adjusting for business transformation expenses, to reflect the performance of the company's underlying business, adjusted per-share earnings were $0.49 in the recent period. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.43 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly sales reached $10.9 billion, up 4.0%, compared with the prior-year quarter's $10.5 billion, while it missed consensus estimates of $11.10 billion.
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