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 it will webcast its presentation at the 2021 Barclays Global Consumer Staples Conference on September 9, 2021, at 10:00 a.m. ET. The live webcast can be accessed via investors.sysco.com, with an archived replay available post-event. Sysco, a leader in food distribution, generated over $51 billion in sales for fiscal 2021, serving more than 650,000 customer locations globally.
Sysco Corporation (NYSE: SYY) has announced a limited-time offer for fresh Summeripe® Peaches, available at all broadline sites in the U.S. for a minimum of six weeks starting from August 23, 2021. These peaches undergo an innovative all-natural ripening process to ensure optimal freshness and flavor. Additionally, Sysco is sponsoring a social media contest until October 1, encouraging creative recipes using the peaches. Participants can win prizes, including kitchen tools. With over 58,000 associates and 343 distribution facilities worldwide, Sysco generated sales exceeding $51 billion in fiscal 2021.
Sysco Corporation (NYSE: SYY) has announced that Nelson Peltz and Joshua D. Frank of Trian Fund Management are stepping down from the Board of Directors. Their decision is based on confidence in Sysco's ongoing leadership and business transformation. Peltz and Frank have served on the Board since 2015, contributing significantly to the company's strategies. Sysco's CEO, Kevin Hourican, expressed gratitude for their service and emphasized confidence in the company's future, supported by a $750 million cost reduction plan aimed at enhancing growth.
Sysco Corporation (SYY) reported strong financial results for its fourth fiscal quarter and full year ended July 3, 2021. Fourth-quarter sales surged 82% to $16.1 billion, reflecting market recovery, while gross profit rose 86.2% to $2.9 billion. Operating income soared 207.2% to $569.7 million. Despite a 3% decline in total sales for fiscal 2021, cash flow from operations increased by 17.6% to $1.9 billion, showcasing robust financial health. The company raised its EPS guidance for fiscal 2022 to $3.33 to $3.53, highlighting confidence despite ongoing inflation pressures.
Sysco Corporation (NYSE:SYY) announced that it will host a conference call and webcast on August 10, 2021, at 10 a.m. Eastern Time to discuss its fourth quarter and fiscal year 2021 financial results. Interested parties can access the call via investors.sysco.com. A news release and slide presentation will also be available before the event. With over 57,000 associates and 326 distribution facilities globally, Sysco generated sales exceeding $52 billion in fiscal 2020.
Sysco Corporation (NYSE: SYY) has partnered exclusively with SAVRpak to introduce revolutionary food preservation technology to independent and local chain restaurants across the U.S. This partnership integrates SAVRpak's patented moisture-removing "freshness packs" into Sysco's Cutting Edge Solutions platform. The innovative product ensures that takeout meals remain fresh and flavorful, akin to dine-in experiences. SAVRpak's solution is environmentally friendly, expected to receive biodegradable certification soon. This collaboration is poised to enhance restaurant customer satisfaction and operational efficiency.
Sysco Corporation (NYSE: SYY) has announced the pricing terms for its cash tender offer to purchase various debentures and senior notes totaling up to $1 billion. The offer includes securities such as 7.160% Debentures due 2027 and 6.500% Debentures due 2028 among others. The early tender payment is set at $50 per $1,000 of principal amount. The early settlement date is expected on June 7, 2021, with the final offer expiring on June 17, 2021, unless extended. The firm anticipates accepting tenders that exceed the $1 billion cap, adhering to certain conditions.
Sysco Corporation (NYSE: SYY) announced the early tender results for its cash tender offer to purchase several series of securities, increasing the maximum purchase amount from $750 million to $1 billion. The offer includes 7.160% Debentures due 2027, 6.500% Debentures due 2028, and other senior notes. As of June 3, 2021, securities valued at over $1 billion were tendered, exceeding the new total tender cap. The offer is set to expire on June 17, 2021. Holders not withdrawing their securities by the deadline may receive an early tender payment.
Sysco Corporation (NYSE: SYY) announced a cash tender offer for up to $750 million of its outstanding debentures and senior notes. This offer includes various securities with due dates ranging from 2027 to 2050, with specific purchase limits for certain notes. Holders may receive an early tender payment of $50 if they tender before June 3, 2021. The offer is set to expire on June 17, 2021. Acceptance will prioritize early tenders and adhere to specific caps and conditions outlined in the Offer to Purchase.
During Sysco's 2021 Investor Day, CEO Kevin Hourican detailed the company's Recipe for Growth, aiming for adjusted EPS growth of over 30% by FY24 compared to FY19. Sysco plans to reduce debt by $1.5 billion over FY21 and FY22 while targeting $750 million in cost reductions through FY24. The company declared a $0.02 increase in its quarterly dividend, marking the 52nd consecutive increase. Sysco is investing in digital tools, customer-focused marketing, and improved supply chain solutions. A $5 billion share repurchase program was also announced.
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