Sysco sales miss expectations but says ‘a robust business recovery’ is ahead

Foodservice distributor Sysco Corp. reported fiscal third-quarter net income of $88.9 million, or 17 cents per share, after a loss of $3.3 million, or 1 cent per share, last year. Adjusted EPS of 23 cents was up from 22 cents last year and ahead of the FactSet consensus for 20 cents. Sales of $11.82 billion were down from $13.70 billion last year and below the FactSet consensus for $12.28 billion. Sysco says sales trends are improving as markets reopen, with April sales more than doubling, up 102.1%, year-over-year. “A robust business recovery is now upon us,” said Kevin Hourican, chief executive of Sysco, in a statement. Sysco stock is up 13.2% for the year to date while the S&P 500 index is up 11.6% for the period.

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