Houston, Texas, US: Sysco Corporation’s first-quarter fiscal 2017 earnings exceeded expectations while revenues were in line with the same.
The acquisition of London-based Brakes Group, completed in July, and margin improvement drove the earnings beat.
Adjusted earnings (excluding restructuring and merger-related costs) of 67 cents per share surpassed the Zacks Consensus Estimate of 59 cents by 13.6% and were up 28.8% year over year.
Growth in sales, expense management, and improved gross and operating margin led to the upside. Excluding the Brakes acquisition, earnings increased 21.2% to 63 cents per share.
“I am pleased with our first quarter performance which built upon the favorable results we have achieved over the past several quarters,” said Bill DeLaney, chief executive, in an earnings release.
