Sysco: Reports Q3-2024 Financial Results

Houston / TX. (syy) Sysco Corporation, a leading global foodservice distribution company, announced financial results for its 13-week third fiscal quarter ended March 30, 2024. Key financial results for the third quarter of fiscal year 2024 include the following (comparisons are to the same period in fiscal year 2023):

  • Sales increased 2.7 percent; U.S. Foodservice volume increased 2.9 percent; U.S. local volumes grew 0.4 percent;
  • Gross profit increased 5.2 percent to USD 3.6 billion;
  • Operating income increased 3.8 percent to USD 722.0 million, and adjusted1 operating income increased 8.4 percent to USD 799.3 million;
  • Ebitda increased 5.4 percent to USD 933.0 million, and adjusted Ebitda increased 8.5 percent to USD 976.6 million2;
  • EPS3 increased 1.2 percent to USD 0.85, compared to USD 0.84 in the same period last year, and adjusted1 EPS increased 6.7 percent to USD 0.96;
  • Raising cost-out targets from USD 100 million to USD 120 million for fiscal year 2024; and
  • Sysco returned approximately USD 753 million of capital to shareholders via USD 500 million of share repurchases and USD 253 million of dividends and remains on target to return approximately USD 2.25 billion back to shareholders in fiscal year 2024.

«Our third quarter performance demonstrated disciplined efforts to deliver strong profit growth, despite a softer macro backdrop. I am proud of our team for taking actions in the quarter to deliver strong gross profit margins and manage expenses. The agility and accountability of the leadership team enabled us to deliver our profit objectives for the quarter, despite softer sales and case volumes. Lower traffic to restaurants year over year negatively impacted case volumes, but sequentially improved during the quarter. We converted the negative traffic at restaurants into sales and case growth at Sysco by taking market share, profitably. With that said, we are focused upon improving local case volume performance through a set of specific actions, inclusive of continued investments into our people, process, and technology in local sales,» said Kevin Hourican, Chair of the Board and Chief Executive Officer.

For additional information please read the company’s PDF file below (220 KB):