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Sysco Corp (NYSE:SYY) reported fourth-quarter FY24 sales growth of 4.2% to $20.556 billion, missing the analyst consensus estimate of $20.573 billion.
U.S. Foodservice operations sales rose 4.9% Y/Y, and International Foodservice sales grew 3.8%.
Gross profit increased 4.2% Y/Y to $3.8 billion, and the gross margin compressed 1 basis point to 18.7%.
The operating margin contracted 14 basis points to 4.8%, and operating income for the quarter rose 1.2% to $977 million. Non-GAAP operating margin expanded 11 basis points to 5.3%.
Adjusted EBITDA increased 5.4% Y/Y to $1.3 billion in the quarter. Adjusted EPS of $1.39 beat the analyst consensus of $1.38.
Sysco held $696 million in cash and equivalents as of June 29. Operating cash flow for FY24 totaled $3 billion, with a free cash flow of $2.2 billion.
The company returned approximately $2.2 billion to shareholders via $1.2 billion of share repurchases and $1.0 billion of dividends.
“Fiscal 2025 kicks off the first year of our three-year financial growth algorithm. Our plans for consistent top- and bottom-line growth are built on our expectations for sustainable growth, operational excellence, and a balanced capital return profile. This long-term view reflects an expected compounded annual growth rate of 4%-6% for net sales, 6%-8% for adjusted EPS, and 9-11% total shareholder returns,” said Kenny Cheung, Sysco’s Chief Financial Officer.
Price Action: SYY shares are trading higher by 0.79% at $73.84 at the last check Tuesday.
Photo via Wikimedia Commons
Posted In: SYY
