Sysco’s expansive distribution network should continue to reward it with a low-cost position.
Despite facing headwinds surrounding the competitive and cost landscape, narrow-moat Sysco posted fair first-quarter results that included 3.9% sales growth and a 20-basis-point deterioration in gross margins to 19.1%. In this context, we think the firm’s efforts to maintain a stringent eye on its cost structure were again evident in the nearly 4% growth in gross profit dollars that outpaced the 3% uptick in operating expenses. While we plan to review our discounted cash flow assumptions, we don...Sysco, acting through its subsidiaries and divisions, is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The company has three reportable segments: United States Foodservice Operations, which primarily include United States Broadline operations, which distribute a line of food products, including custom-cut meat, seafood, specialty produce, specialty imports and a variety of non-food products; International Foodservice Operations, which include operations in the Americas and Europe, which distribute a line of food products and a variety of non-food products; and SYGMA, which consists of its United States customized distribution subsidiary.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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