Food distributor Sysco Corp. (SYY) on Monday said its fiscal fourth quarter earnings fell 8% from last year, although adjusted results narrowly beat Wall Street’s expectations.
The Houston-based company reported fiscal fourth quarter net income of $309.27 million, or 53 cents per share, compared with $336.31 million, or 57 cents per share, in the year-ago period. Excluding special items, adjusted profit was 55 cents per share.
Revenue rose 6% from last year to $11.04 billion.
On average, Wall Street analysts expected a smaller profit of 54 cents per share, on matching revenue of $11.04 billion.
Sysco shares were mostly flat in premarket trading Monday.
The Bottom Line
Shares of Sysco (SYY) have a 3.74% dividend yield, based on Friday’s closing stock price of $28.84. The stock has technical support in the $26-$27 price area. If the shares can firm up, we see overhead resistance around the $30-$32 price levels.
Sysco Corp. (SYY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.