Food distributor SYSCO Corporation (
) on Monday said its first quarter earnings were essentially flat
from last year, as higher food costs offset greater revenue.
The Houston-based company reported first quarter net income of
$259.55 million, or 44 cents per share, compared with $258.48
million, also 44 cents per share, in the year-ago period. Excluding
one-time items, adjusted profit was 49 cents per share.
Sales rose 7.6% from last year to $10.5 billion.
On average, Wall Street analysts expected a smaller profit of 43
cents per share, on slightly lower revenue of $10.45 billion.
SYSCO shares rose 60 cents, or +2.2%, in premarket trading
The Bottom Line
Shares of Sysco (
) have a 3.87% dividend yield, based on Friday's closing stock
price of $27.90. The stock has technical support in the $25-$26
price area. If the shares can firm up, we see overhead resistance
around the $29-$30 price levels.
SYSCO Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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