Sysco - SYY STOCK NEWS

Sysco Corporation (NYSE:SYY) will webcast its presentation at the CAGNY 2023 Conference on February 21, 2023, at 2:00 p.m. EST. Investors can access the live webcast at investors.sysco.com, with an archived replay available shortly after the event ends. The company emphasizes its investor relations section for public disclosure of key information, including financial updates. Sysco is a leader in food product distribution, generating over $68 billion in sales for fiscal year 2022. They operate 333 distribution facilities globally and serve approximately 700,000 customer locations.

Sysco Corporation (SYY) announced its financial results for the second fiscal quarter ending December 31, 2022, reporting a 13.9% increase in sales to $18.6 billion. Gross profit rose by 15.9% to $3.3 billion, with operating income up 44.0% to $640.6 million. However, EPS decreased by 15.2% to $0.28 due to a non-cash pension liability transfer charge of $315.4 million. Adjusted EPS improved by 40.4% to $0.80. The company reported strong U.S. foodservice volume growth of 5.2% and plans to capitalize on its Recipe For Growth strategy to drive continued profitability.

Sysco Corporation (NYSE:SYY) will host a conference call on January 31, 2023, at 10 a.m. EDT to discuss its second quarter fiscal year 2023 financial results. Interested parties can access the call through the investors.sysco.com website. Prior to the call, a news release and presentation will be made available online. Sysco is a global leader in food products distribution, operating over 333 distribution facilities with approximately 700,000 customer locations and generating more than $68 billion in sales for fiscal year 2022.

Guest Supply has partnered with Innvision Hospitality for a 10-year collaboration to enhance FF&E project services across their US customer network. This strategic partnership aims to provide customers with comprehensive services, including interior design, procurement, and project management. Kevin Korab from Guest Supply emphasized that Innvision's reputation for speed and quality aligns perfectly with their goals. Together, they plan to deliver personalized solutions to meet customer project needs more effectively.

Sysco Corporation (NYSE: SYY) announces the resignation of Aaron Alt as CFO, effective January 6, 2023. Neil Russell, currently Senior VP of Corporate Affairs, has been appointed as the Interim CFO. Both leadership changes come as the company seeks a permanent successor for the CFO role. Sysco's CEO, Kevin Hourican, highlighted Alt's contributions in strengthening the company's balance sheet and capital allocation strategies. Russell is recognized for his extensive experience in investor relations and finance, supporting Sysco's ongoing financial strategy.

Sysco Corporation (NYSE:SYY) declared a quarterly cash dividend of $0.49 per share, payable on January 27, 2023, to shareholders of record by the close of business on January 6, 2023. This decision reflects Sysco's commitment to returning value to its investors. In fiscal year 2022, Sysco generated over $68 billion in sales and serves approximately 700,000 customers worldwide, maintaining its position as a leader in food product distribution.

Sysco Corporation (NYSE: SYY) has received its first battery electric Freightliner eCascadia, leading the way in sustainable foodservice distribution. This zero-emission truck is part of a plan to electrify 35% of Sysco's U.S. fleet by 2030, aiming for a 27.5% reduction in direct emissions. With the introduction of this truck, Sysco is set to deploy up to 800 eCascadias by 2026. The Riverside, California site will host these trucks, enhancing delivery efficiency while promoting environmental responsibility. This marks a significant step in Sysco's climate journey.

Sysco Corporation reported strong financial results for its first fiscal quarter ending October 1, 2022.

Sales surged by 16.2% to $19.1 billion, while gross profit rose 17.4% to $3.5 billion. Operating income increased 16.3% to $734.3 million, with adjusted EPS climbing to $0.97 from $0.83 in the previous year. The U.S. Foodservice segment led growth, with a 7.3% volume increase. Despite operating expenses rising 17.7% due to inflation and investments, the company remains optimistic for continued growth and plans to return $1.5 billion to shareholders in fiscal 2023.