Sysco: Reports Second Quarter Financial Results

Houston / TX. (syy) Sysco Corporation, a leading global foodservice distribution company, announced financial results for its 13-week second fiscal quarter ended December 31, 2022. Key financial results for the second quarter of fiscal year 2023 include:

  • Sales increased 13.9 percent versus the same period in fiscal year 2022;
  • U.S. Foodservice volume increased 5.2 percent versus the same period in fiscal year 2022;
  • Gross profit increased 15.9 percent to USD 3.3 billion, as compared to the same period last year;
  • Operating income increased 44.0 percent to USD 640.6 million, and adjusted operating income increased to USD 682.1 million, as compared to the same period last year;
  • Earnings before interest, taxes, depreciation and amortization (Ebitda) decreased 22.6 percent to USD 500.5 million, and adjusted Ebitda increased 23.9 percent to USD 831.3 million, in each case as compared to the same period last year. During the quarter, GAAP earnings included a pension liability transfer, resulting in a non-cash charge of USD 315.4 million;
  • Earnings per share (EPS) decreased 15.2 percent to USD 0.28, as compared to USD 0.33 in the same period last year. Adjusted EPS increased 40.4 percent to USD 0.80, as compared to USD 0.57 in the same period last year; and
  • Net Debt to adjusted Ebitda of 3.0x times and returned over USD 249 million of capital to shareholders.

«Sysco results this quarter included double-digit top-line and bottom-line growth, ongoing market share gains and continued advancement of our Recipe For Growth strategy. This includes improvements in our digital tools, supply chain investments, and sales and merchandising initiatives. We remain fully staffed, and we are resolute on continuing to drive profitable share gains and operating efficiency improvements in the second half of the year,» said President and Chief Executive Officer Kevin Hourican.

«We achieved solid financial results for the second quarter, including strong top-line growth and expanded gross profit dollar growth. Sequential improvements in operating expense helped drive meaningful profit growth. We remain focused on exceeding our customers’ expectations, while continuing to manage costs, and anticipate seeing additional benefit from our Recipe For Growth strategy in the second half of this fiscal year and into next fiscal year,» said Interim Chief Financial Officer Neil Russell.

For additional information please read the company’s PDF file below (312 KB):

20230201-SYSCO-H12023.

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