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Dec 26, 2020
Sysco Q2 2021 Earnings Report
Sysco's second quarter fiscal 2021 results were reported, showing a decrease in sales and profits due to the impact of the COVID-19 pandemic, while the company advanced its transformation agenda and gained market share in a disrupted marketplace.
Key Takeaways
Sysco's Q2 2021 results reflect the ongoing challenges posed by the COVID-19 pandemic, with sales decreasing by 23.1% to $11.6 billion and earnings per share decreasing to $0.13. Despite these challenges, the company is focused on its transformation agenda and preparing for a strong rebound as the business recovers.
Sales decreased 23.1% to $11.6 billion.
Gross profit decreased 25.8% to $2.1 billion; gross margin decreased 67 basis points.
Operating income decreased 61.6% to $212.1 million; adjusted operating income decreased 62.7% to $234.1 million.
Earnings per share (“EPS”) decreased $0.61 to $0.13; adjusted EPS decreased $0.68 to $0.17.
Revenue by Segment
Forward Guidance
Statements made in this press release or in our earnings call for the second quarter of fiscal 2021 that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Positive Outlook
- our expectations regarding our ability to manage the current downturn and capitalize on our position as the industry leader as the global economy recovers
- our expectations regarding future market share gains
- our expectations regarding the effects of our business transformation initiatives, including our belief that our strategic initiatives will enable profitable future growth and drive future value for our associates, shareholders and customers
- our belief that our transformation initiatives will improve how we serve customers, differentiate Sysco from our competitors and deliver strong business results
- our expectations regarding our efforts to regionalize our operations and the benefits to our company from regionalization
Challenges Ahead
- the effect, impact, potential duration or other implications of the recent outbreak of a novel strain of coronavirus (“COVID-19”) and any expectations we may have with respect thereto, including the extent and duration of lockdowns in the U.S. and Europe
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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