Sysco Q2 2024 Earnings Report
Key Takeaways
Sysco's second quarter results showed an increase in sales by 3.7% to $19.3 billion. EPS increased 192.9% to $0.82, and adjusted EPS increased 11.3% to $0.89. The company is reaffirming fiscal year 2024 guidance expectations for top- and bottom-line growth.
Sales increased 3.7%; U.S. Foodservice volume increased 3.4%; U.S. local volumes grew 2.9%.
Gross profit increased 4.9% to $3.5 billion.
Operating income increased 9.2% to $700.0 million, and adjusted operating income increased 9.2% to $744.9 million.
EPS increased 192.9% to $0.82, and adjusted EPS increased 11.3% to $0.89.
Sysco
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Sysco Revenue by Segment
Forward Guidance
Sysco is reiterating its fiscal year 2024 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
- Expected improvements in productivity.
- Belief that improvements in organizational capabilities will deliver compelling outcomes in future periods.
- Expectations regarding improvements in international volume.
- Expectations regarding improvements in the efficiency of our supply chain.
- Plans to improve colleague retention, training and productivity.
Challenges Ahead
- Implications of the COVID-19 pandemic and any expectations we may have with respect thereto.
- Expectations regarding the continuation of an inflationary environment.
- Expectations of the effects labor harmony will have on sales and case volume, as well as mitigation expenses.
- Economic trends in the United States and abroad.
- Numerous factors, including those outside of Sysco’s control.
Revenue & Expenses
Visualization of income flow from segment revenue to net income