Sysco Q1 2024 Earnings Report
Key Takeaways
Sysco reported a 2.6% increase in sales, a 9.1% increase in operating income, and an 8.8% increase in EPS for the first quarter of fiscal year 2024. The company's performance was driven by volume growth, margin management, and productivity improvements. Sysco reiterated its fiscal year 2024 guidance of mid-single digit sales growth and 5% to 10% adjusted EPS growth.
Sales increased by 2.6% with U.S. Foodservice volume up by 1.6%.
Gross profit increased by 4.6% to $3.6 billion.
Operating income rose by 9.1% to $803.6 million, while adjusted operating income increased by 10.6% to $854.3 million.
EPS increased by 8.8% to $0.99 and adjusted EPS increased by 10.3% to $1.07.
Sysco
Sysco
Sysco Revenue by Segment
Forward Guidance
Sysco reiterated its FY24 guidance of mid-single digit sales growth to approximately $80 billion and five to ten percent adjusted EPS growth to $4.20 to $4.40.
Positive Outlook
- Confidence in delivering continued productivity gains.
- Rewarding shareholders by returning approximately $352.9 million of cash during the quarter.
- Strong profitability.
- Size and scale advantages.
- Strong balance sheet.
Revenue & Expenses
Visualization of income flow from segment revenue to net income