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Sysco Reports on Q1 of F1 2021

11/04/2020

On November 3rd, Sysco Corporation (SYY) reported on the first quarter of fiscal 2021 ending September 26th.  For the period, the company posted net earnings of $174 million on sales of $11.8 billion with an EPS of $0.34.  Comparative figures for the corresponding first quarter of fiscal 2020 were, net earnings of $510 million on sales of $15.3 billion and an EPS of $0.98. 

Sales value from Q1 of FY 2020 declined by 23 percent, operating income by 37.2 percent and net earnings by 52.2 percent. Case growth in the U.S. was down 25.8 percent and Sysco brand sales as a percentage of cases attained 38.8 percent, almost equivalent to Q1 of FY2020.  Food Service operations in the U.S. were understandably down by 25.7 percent compared to Q1 of FY2020 to $7.9 billion.  International food service operations were down 25.7 percent to $2.2 billion. 

 

In commenting on results, Kevin Hourican, president and CEO stated, "although our first quarter 2021 results continued to be impacted by the pandemic, we are pleased with our overall expense management and our ability to produce positive free-cash flow and a profitable quarter despite a 23 percent reduction in sales".  He added "we are confident that Sysco's business transformation will accelerate profitable growth as we differentiate our business from our competition to better serve the involving needs of our customers".

 

Sysco has a market capitalization of $30.4 billion.  The company has traded over a fifty-two-week period in the range of $26.00 to $85.98 with a 50-day moving average of $63.44.  Trailing twelve-month return on assets was 5.0 percent and on equity 11.6 percent.  Operating margin was 3.1 percent and profit margin 0.4 percent.  Sysco posted total assets of $22,741 million and carries $14,184 million in long-term debt and lease obligations.