Overview
- Adjusted earnings were $1.15 per share versus the $1.12 consensus, on net sales of $21.15 billion that topped expectations of $21.08 billion.
- Full-year guidance was reaffirmed, with adjusted EPS of $4.50 to $4.60 and sales of $84 billion to $85 billion.
- Gross margin rose 13 basis points to 18.5% as the company cited strategic sourcing and cost controls for the improvement.
- U.S. Foodservice sales increased 2.9% to $14.8 billion as total case volume edged up 0.1% and local case volume slipped 0.2%.
- Sysco reported $844 million in cash and $3.5 billion in total liquidity, with first-quarter free cash flow around negative $50 million, and shares were down about 1% after the report.