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Sysco profit misses consensus by 20.0% in fiscal Q3

Sysco Corp. said its normalized net income for the fiscal third quarter ended March 28 came to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS decreased 6.0% year over year from 35 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $197.7 million, a decline from $207.3 million in the prior-year period.

The normalized profit margin fell to 1.7% from 1.8% in the year-earlier period.

Total revenue increased year over year to $11.75 billion from $11.28 billion, and total operating expenses rose year over year to $11.37 billion from $10.91 billion.

Reported net income declined on an annual basis to $179.7 million, or 30 cents per share, from $183.0 million, or 31 cents per share.