© Reuters
By Sam Boughedda
Investing.com — Sysco Corporation’s (NYSE:) stock price jumped Tuesday, driven by its third-quarter results topping top and bottom-line expectations.
The foodservice distributor reported of $16.9 billion, beating forecasts of $15.9 billion for the third quarter. In addition, earnings per share came in well above estimates, at a reported $0.71 per share.
Gross profit increased 42% to $3 billion compared to last year. According to the company, gross profit was driven by higher volumes and high inflation rates that were effectively managed.
The company stated demand for food away from home was “robust” in February and March as they snapped back from the impact of Omicron.
“Sysco delivered strong results this quarter, reflecting sequential top-line improvements and accelerating market share gains,” said Sysco’s President and CEO, Kevin Hourican.
Hourican added, “Our profit performance this quarter exceeded our expectations and demonstrates the progress we are making in advancing our strategy.”
The company reported upbeat guidance for the fiscal year, with adjusted EPS expected to be between $3.16 and $3.26.
Sysco stock jumped, in early Tuesday trading, hitting a high of $90.74 per share. It has since retraced slightly, now up 8.4% at $87.90.
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