SYSCO’s Q1 Profit and Revenue Top Expectations (SYY)

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Food distributor SYSCO Corporation ( SYY ) 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 Monday.

The Bottom Line
Shares of Sysco ( SYY ) 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 ( SYY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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