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Sysco Q4, FY'19 results surpass analyst estimates

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Sysco Q4, FY'19 results surpass analyst estimates

Sysco Corp.'s fiscal fourth-quarter and full-year 2019 results exceeded analysts' expectations Aug. 12 as the company booked sales gains for both periods driven by increases in the U.S.

The food service company's adjusted EPS for the 13 weeks to June 29 of $1.10 beat the S&P Global Market Intelligence mean consensus estimate for normalized EPS of $1.07. Non-GAAP net earnings advanced 15% to $573 million and surpassed the Market Intelligence estimate for net income excluding exceptions of $550.9 million.

Sales rose 1% to $15.47 billion for the quarter, including an increase of 2.8% at its U.S. business and a decrease of 0.8% internationally. Adjusted operating income increased by 6.6% to $818.1 million.

The Houston-based company also reported results for its 2019 fiscal year. Adjusted EPS grew 13% to $3.55, beating the Market Intelligence estimate for normalized EPS of $3.51.

Sales for the year rose 2.4% to $60.11 billion, including a 4.2% increase at Sysco's U.S. operations and a 0.2% decrease abroad.

Shares of Sysco were 3.2% higher at $72.26 in premarket trading Aug. 12. The company reported results before U.S. markets opened.