Sysco reports first quarter sales and operating income

Sysco Corporation announced its financial performance for the 13-week first fiscal quarter ending on Sep. 30, 2023, revealing a 2.6% increase in sales and a 1.6% rise in U.S. Foodservice volume. During this period, the gross profit also experienced a 4.6% growth, reaching $3.6 billion, according to a press release by Sysco Corporation.

Sysco Corporation's first fiscal quarter results showed a 9.1% increase in operating income, reaching $803.6 million, and a 10.6% rise in adjusted operating income, totaling $854.3 million said Sysco Corporation according to its press release. The company reported a 10.5% growth in EBITDA to $1.0 billion, with adjusted EBITDA increasing by 11.7% to $1.0 billion.

“Sysco delivered another quarter of compelling earnings results, growing operating income by 9.1% and adjusted operating income by 10.6%. This was fueled by volume growth, excellent margin management, and disciplined productivity improvement", said Kevin Hourican, Sysco’s President and Chief Executive Officer per Sysco's press release.
He added: "Our actions to improve efficiency continued with progress in supply chain productivity and implementation of structural cost-out actions... We advanced our competitive advantages as the global leader in foodservice distribution through our Recipe for Growth strategy... Sysco’s strong profitability, size and scale advantages position us for profitable growth for the remainder of fiscal year 2024 and beyond.”

Earnings per share (EPS) saw an 8.8% increase to $0.99 while adjusted EPS rose by 10.3% to $1.07 stated Sysco Corporation's press release.
The corporation returned approximately $352.9 million of capital to shareholders through $100 million in share repurchases and $252.9 million in dividends, aiming to return about $1.75 billion to shareholders in FY 2024.