Welcome to our dedicated page for Sysco Corporation news (Ticker: SYY), a resource for investors and traders seeking the latest updates and insights on Sysco Corporation stock.
Sysco Corporation (NYSE: SYY) is the global leader in selling, marketing, and distributing food products to restaurants, healthcare and educational facilities, lodging establishments, and other customers who prepare meals away from home. Alongside its extensive food product lineup, Sysco also offers equipment and supplies for the foodservice and hospitality industries.
With a workforce of more than 72,000 employees, Sysco operates 334 distribution facilities globally, serving approximately 725,000 customer locations. In fiscal year 2023, which ended on July 1, 2023, Sysco generated sales exceeding $76 billion. The company's operations are divided into several segments: U.S. foodservice operations (70% of revenue), international (18%), quick-service logistics (10%), and other segments (2%).
As the largest U.S. foodservice distributor, Sysco holds a 17% share in the fragmented $350 billion domestic market. Sysco distributes around 500,000 food and non-food products to various sectors, including restaurants (62% of fiscal 2023 revenue), education and government buildings (8%), travel and leisure (8%), healthcare facilities (7%), and other locations (15%) where meals are prepared outside the home.
Sysco has been actively engaged in recent projects and partnerships to enhance its market presence and operational efficiency. Notably, Sysco has teamed up with iFoodDS to develop a proof-of-concept project aimed at complying with the U.S. Food and Drug Administration's (FDA) Food Safety Modernization Act (FSMA) 204 Food Traceability Rule. This partnership focuses on creating a flexible, scalable, and interoperable traceability solution that ensures food safety and boosts efficiency across its supplier network.
Furthermore, Sysco has introduced new sustainability initiatives, particularly in product packaging. The company is working with suppliers to reduce plastic waste and implement eco-friendly packaging solutions. For example, Sysco's Earth Plus Brand Agave Straw is commercially compostable and reduces plastic waste significantly. Additionally, Sysco's Fresh Direct business in Great Britain has transitioned berries to FSC-certified paper packaging, eliminating over 50 tons of plastic waste annually.
Sysco's commitment to sustainability extends to its own-brand packaging, shifting from white to kraft corrugate cases, saving energy and materials while enhancing recyclability. The company also hosts sustainability summits to collaborate with suppliers on reducing environmental footprints.
In leadership news, Kevin Hourican, Sysco's President and CEO, has been appointed as Chair of the Board of Directors, succeeding Edward D. Shirley due to personal health reasons. Hourican's vision includes enhancing Sysco's Recipe for Growth strategy, aimed at driving market growth through digital transformation, supply chain optimization, and customer-focused solutions.
Sysco's comprehensive growth algorithm emphasizes sustainable growth, operational excellence, and balanced capital return. The company also launched Sysco Marketplace, a digital platform allowing third-party suppliers to sell products directly to Sysco customers, enhancing the shopping experience and supporting smaller suppliers.
For further information on Sysco's sustainability initiatives, financial performance, and strategic developments, visit Sysco's investor relations at investors.sysco.com.
Sysco Corporation (NYSE:SYY) announced the appointment of Paulo Peereboom as executive vice president and president of foodservice operations - international, effective August 8, 2022. Peereboom will oversee Sysco's international operations across Canada, Europe, The Bahamas, and Latin America, including the export business. With over 30 years of experience and a successful track record in transformation and team building, Peereboom aims to drive profitable growth and enhance customer service. He previously served as CEO of Makro NL and held leadership roles at Pick N Pay and Ahold Dehaize.
Sysco Corporation (NYSE:SYY) will present at the Jefferies 2022 Global Consumer Conference on June 20, 2022, at 8:00 a.m. EDT. The event will be accessible through a live webcast available on their investor relations website, with an archived replay available afterward. Sysco, a leader in food product distribution, serves over 650,000 clients globally. In fiscal 2021, it generated over $51 billion in sales. For more details on their operations and CSR initiatives, visit their corporate website.
Sysco Corporation (NYSE: SYY) and Daimler Truck North America announced a Letter of Intent to deploy nearly 800 battery electric Freightliner eCascadia tractors by 2026. This initiative aligns with Sysco's goal to reduce direct carbon emissions by 27.5% by 2030 and electrify 35% of its U.S. fleet. The first eCascadia delivery is expected later this year at Sysco's Riverside, California facility. The partnership emphasizes sustainable transportation solutions while enhancing safety through advanced technology in the trucks.
Sysco Corporation partners with Let’s Talk Womxn, comprising over 600 women restaurant owners, to host a panel event on May 22, 2022, in Chicago. This discussion will address strategies to enhance the restaurant industry while tackling challenges faced by women entrepreneurs. Panelists include renowned chef Andrew Zimmern and founder Rohini Dey, Ph.D. The event features a gourmet dinner by notable Chicago restaurateurs and emphasizes collaboration to empower women in the culinary field. Sysco is committed to diversity and improving conditions for women-owned restaurants.
For the third fiscal quarter ending April 2, 2022, Sysco Corporation (SYY) reported a significant 42.9% increase in sales, totaling $16.9 billion, driven by robust demand and market share gains. Gross profit rose by 42.0% to $3.0 billion, and operating income surged 110.1% to $495.7 million. Despite inflationary pressures, adjusted EPS increased to $0.71 from $0.22 year-over-year. Sysco raised its adjusted EPS guidance for fiscal 2022 to between $3.16 and $3.26, reflecting strong performance and ongoing investment in growth initiatives.
Sysco Corporation (NYSE:SYY) announced a 2 cent increase in its quarterly cash dividend to $0.49 per share from $0.47. This new dividend is set to be paid on July 22, 2022, to stockholders of record as of July 1, 2022. The CFO, Aaron Alt, emphasized that this decision reflects the company's commitment to shareholder returns and confidence in its Recipe for Growth strategy, translating to an additional $0.08 per share on an annual basis for fiscal 2023.
Sysco Corporation (NYSE:SYY) celebrates Tom Peck, its executive vice president and chief information officer, who won the 2022 Houston CIO of the Year ORBIE Award in the Super Global category. This accolade recognizes technology leaders who drive innovation and manage technology effectively. CEO Kevin Hourican praised Peck for his contributions towards Sysco's customer-facing technology solutions, aligning with the company's Recipe for Growth strategy. Peck also champions Diversity, Equity, and Inclusion initiatives, contributing positively to veteran career development.
Sysco Corporation (NYSE:SYY) will host a conference call and webcast on May 10, 2022, at 10 a.m. EDT to discuss its third quarter fiscal year 2022 financial results. Interested parties can listen online via the company's investor relations website. Sysco, the global leader in food distribution, operates 343 distribution facilities and serves over 650,000 customer locations, generating over $51 billion in sales for fiscal 2021. The company emphasizes transparency in its public disclosures through its investor relations platform.
Sysco Corporation (NYSE:SYY) announced a quarterly cash dividend of $0.47 per share, set to be paid on April 22, 2022, to stockholders recorded by April 1, 2022. Sysco is a leading distributor of food products and services, generating over $51 billion in sales during fiscal 2021 and operating 343 distribution facilities globally. The company serves more than 650,000 customer locations.
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