Sysco's in Line 3Q Keeps the Firm on Track To Hit Its Three-Year Operating Income Target
Narrow-moat Sysco posted third-quarter results that generally aligned with our estimates. Total sales growth was 6.1%, which places the firm’s trajectory slightly above our full-year 5% estimate. However, despite its outperformance on the top line, the firm endured cost pressures, and as such, adjusted operating margins held flat at 3.7% (against our full-year 20-basis-point improvement to 4.3%). While we intend to update our assumptions to account for the recent sales acceleration and profit pr...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.
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