Sysco earnings ease 3% in year
by Meat&Poultry Staff
HOUSTON — Various expenses led to a 3 percent decrease in earnings at Sysco Corp. during fiscal year 2012. Earnings for the year ended June 30 were $1,121,585,000, equal to $1.91 per share on the common stock, which compared with an income of $1,152,030,000, equal to $1.96 per share, during the previous year. Sales were up 8 percent to $42,380,939,000, which compared with $39,323,489,000 during the previous year.
“Market conditions remained challenging throughout the year due to increasing product costs and an uneven economic recovery,” said Bill DeLaney, president and chief executive officer. “Nevertheless, we successfully supported our customers and grew our share of the market. We are making meaningful progress on our business transformation initiatives and believe the benefits will both improve our financial performance over time and further enhance our leadership position in the industry.”
Earnings for the fourth quarter were down 8 percent to $309,269,000, equal to 53 cents per share, which compared with $336,310,000, equal to 57 cents per share, during the same quarter of the previous year. Sales were up 6 percent to $11,045,382,000, which compared with $10,425,703,000 during the same quarter of the previous year.