Food Distributor, SYSCO Corporation(SYY) reported a decline in earnings for the quarter, but beat analysts estimates Monday.
The Houston, TX based company reported first quarter earnings of $286.6 million, or 49 cents a share, down 5% from last years earnings of 302.65 million, or 51 cents a share. Adjusted earnings for the quarter were 58 cents a share, beating analysts expectation of 50 cents a share.
Reported revenue came in at $11.1 billion, an increase of 4.7% from $10.6 billion from last year. Analysts expected revenue of $11.14 billion.
SYSCO shares were mostly flat during premarket trading Monday.
The Bottom Line
Shares of Sysco Corporation (SYY) have a 3.45% dividend yield, based on Friday’s closing stock price of $31.34. The stock has technical support in the $28-$29 price area. If the shares can firm up, we see overhead resistance around the $32-$34 price levels.
SYSCO Corporation(SYY)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.