SYY - Why Food Products Distributor Sysco's Shares Are Falling Today | Benzinga
Sysco Corp (NYSE:SYY) shares are trading lower after the company reported third-quarter FY24 sales growth of 2.7% year-on-year to $19.38 billion, missing the analyst consensus estimate of $19.74 billion.
U.S. Foodservice operations sales rose 3.4% Y/Y, and International Foodservice sales grew 4.5%.
Gross profit increased 5.2% Y/Y to $3.6 billion, and the gross margin expanded 44 basis points to 18.6%.
The operating margin expanded 4 basis points to 3.7%, and operating income for the quarter rose 3.8% to $722 million. Non-GAAP operating margin expanded 22 basis points to 4.1%.
Adjusted EBITDA ...