- Sysco Corporation SYY reported Q2 FY23 revenue growth of 13.9% year-over-year to $18.59 billion, in line with analysts’ consensus estimate.
- The U.S. foodservice operation’s revenue increased 13.7% year over year, and international foodservice revenue increased 17%.
- Gross profit increased 15.9% year over year to $3.3 billion and gross margin increased 29 basis points to 18%.
- Operating margin increased 72 basis points to 3.5% and operating income for the quarter increased 44% to $640.6 million. Non-GAAP operating margin increased 63 basis points to 3.7%.
- Adjusted EBITDA increased 23.9% year over year to $831.3 million for the quarter.
- Adjusted EPS of $0.80 missed analyst consensus of $0.84.
- Sysco held $585.6 million in cash and cash equivalents as of December 31, 2022. Cash flow from operations for the first 26 weeks of fiscal 2023 was $503.5 million.
- Price promotion: SYY shares are trading down 1.60% at $76.85 on the latest check Tuesday.
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