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Sysco profit misses consensus by 18.7% in fiscal Q2

Sysco Corp. said its normalized net income for the fiscal second quarter ended Dec. 27, 2014, came to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS fell 6.2% year over year from 35 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $198.1 million, a decline from $208.3 million in the prior-year period.

The normalized profit margin dropped to 1.6% from 1.9% in the year-earlier period.

Total revenue increased 7.6% year over year to $12.09 billion from $11.24 billion, and total operating expenses increased 7.5% on an annual basis to $11.69 billion from $10.88 billion.

Reported net income declined 24.0% on an annual basis to $160.9 million, or 27 cents per share, from $211.7 million, or 36 cents per share.