Sysco Tops Q1 EPS Estimates by $0.01 as Revenue Dips 8.1% (SYY)
Mon. November 02, 2009; Posted: 09:22 AM
Nov 02, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 11/2/2009 - Sysco Corporation (NYSE:SYY) reported Q1 EPS of $0.46, ex-items, beating consensus analyst estimates of $0.45. Revenue for the quarter fell 8.1% year-over-year to $9.08 billion, falling just shy of consensus estimates of $9.16 billion. CEO Bill DeLaney said, "In the midst of what continues to be an extremely challenging business environment, our operating companies managed expenses extraordinarily well. Our sales decline was largely caused by the impact of reduced consumer spending experienced by much of our customer base, as well as significant food cost deflation. Looking forward, we are encouraged by the stabilization of our volume trends in recent weeks and we remain committed to supporting our customers through this most difficult period in our industry's history."
Write to Chip Brian at cbrian@tradethetrend.com
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