Sysco's Profit Gains Persist, but Tepid Top-Line Growth Tempers Our Enthusiasm; Shares a Touch Rich
Profit improvement persisted for narrow-moat Sysco in the second quarter, as adjusted gross margins increased 55 basis points to 18.3% and adjusted operating margins edged up 47 basis points to nearly 4.1%. In light of this performance and the gains realized through the first half of a three-year cost-restructuring plan, which is slated to be completed by the end of fiscal 2018, management ticked up its operating income improvement target to $600 million-$650 million from at least $500 million p...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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