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Dec 30, 2023
Sysco Q2 2024 Earnings Report
Announced second quarter EPS growth, driven by increasing volumes and positive operating leverage.
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
Sysco
Sysco Revenue by Segment
Revenue by Segment
U.S. Foodservice Revenue
CapyFin.comInternational Foodservice Revenue
CapyFin.comSYGMA Revenue
CapyFin.comOther Revenue
CapyFin.com 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