Sysco Shares Rise As Q1 Sales Beat Offsets Lower-Than-Expected Earnings

Sysco Corporation (NYSE:SYY) shares are trading higher on Tuesday.

The company reported first quarter adjusted earnings per share of $1.09, missing the street view of $1.13. Quarterly sales of $20.50 billion beat the analyst consensus of $20.463 billion.

Sales rose by 4.4%, while U.S. Foodservice volume increased by 2.7%.

Operating income increased modestly by 0.5% to $808 million, and adjusted operating income rose by 2.2% to $873 million.

Gross profit increased 2.9% to $3.8 billion, while gross margin decreased 27 basis points to 18.3%. Product cost inflation was 2.2% at the ...