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 plans to acquire The Coastal Companies, a fresh produce distributor generating $600 million in revenue. The acquisition aims to enhance Sysco's FreshPoint business in the Mid-Atlantic, providing added manufacturing capabilities and diversifying its produce specialty portfolio. The Coastal Companies comprises three businesses: foodservice distribution, retail distribution, and value-added manufacturing. The deal is pending regulatory approval, and specific financial terms remain undisclosed.
Sysco Corporation (NYSE: SYY) has set industry-leading climate goals aimed at significantly reducing its carbon emissions. The company will electrify 35% of its U.S. tractor fleet by 2030, which is about 2,500 electric trucks, and ensure global operations are powered by 100% renewable energy by the same year. Sysco aims to cut Scope 1 and 2 emissions by 27.5% and work with suppliers to establish science-based targets covering 67% of its Scope 3 emissions by 2026. This initiative aligns with the Paris Agreement and is part of Sysco's broader sustainability commitments.
Sysco Corporation (NYSE:SYY) declared a quarterly cash dividend of $0.47 per share, payable on January 28, 2022. The record date for common stockholders is set for January 7, 2022. Sysco is a leading global distributor of food products to various sectors, including restaurants and healthcare facilities. For the fiscal year ending July 3, 2021, Sysco reported over $51 billion in sales.
Sysco Corporation (SYY) reported strong financial results for the first fiscal quarter ended October 2, 2021. Total sales reached $16.5 billion, marking a 39.7% increase year-over-year. The company's gross profit rose 33.9% to $3.0 billion, with gross margin at 18.1%. Operating income increased 50.6% to $631.7 million, while earnings per share rose to $0.73 from $0.42 in the previous year. Significant market share gains were achieved, despite challenges in the supply chain. The company emphasized its commitment to advancing its Recipe for Growth strategy.
On November 9, 2021, at 10 a.m. Eastern, Sysco Corporation (NYSE:SYY) will hold a conference call and webcast to discuss its Q1 fiscal year 2022 financial results. Interested parties can listen online at investors.sysco.com. Prior to the call, a news release and slide presentation will be available on the company's investor relations page. Sysco is a leader in food product distribution, serving over 650,000 customers globally, with reported sales exceeding $51 billion for fiscal 2021.
Sysco Corporation (NYSE: SYY) has launched eight innovative foodservice concepts through its Cutting Edge Solutions platform. These chef-tested products aim to keep operators competitive by offering on-trend menu options, including plant-based ingredients and labor-saving solutions.
The Fall 2021 offerings include tamper-evident fry containers, moisture-removing SAVRpak, sous-vide sirloin steak, various comfort desserts, and gluten-free cauliflower tortillas. Additionally, the company emphasizes sustainability with 100% recycled hot cups, enhancing its commitment to environmentally friendly practices.
Sysco Corporation (NYSE:SYY) will host a live webcast of its presentation at the Wells Fargo 4th Annual Consumer Conference on September 23, 2021, at 1:20 p.m. PT. The event will be accessible via investors.sysco.com. An archived replay will be available after the event. Sysco is a leader in food distribution with over $51 billion in sales for fiscal 2021, serving more than 650,000 customer locations worldwide.
Sysco Corporation (NYSE: SYY) announced a $50,000 donation to the American Red Cross to assist with Hurricane Ida relief efforts. This contribution, along with food and water donations, aims to support affected communities. Sysco's President and CEO, Kevin Hourican, emphasized the company's commitment to disaster relief, stating, "Sysco has a long history of providing service and aid in times of disasters." With over 58,000 associates and generating more than $51 billion in sales for fiscal 2021, Sysco continues its legacy of supporting communities in need.
Sysco Corporation (NYSE:SYY) announced a quarterly cash dividend of $0.47 per share, to be paid on October 22, 2021, for stockholders of record by October 1, 2021. As a leading global distributor of food products, Sysco serves over 650,000 customer locations and reported sales exceeding $51 billion for fiscal 2021, which ended on July 3, 2021. This dividend reflects the company’s ongoing commitment to return value to its shareholders.
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