{"id":31008,"date":"2023-05-02T13:22:21","date_gmt":"2023-05-02T13:22:21","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/sysco-corp-misses-profit\/"},"modified":"2023-05-02T13:23:21","modified_gmt":"2023-05-02T13:23:21","slug":"sysco-corp-misses-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/sysco-corp-misses-profit\/","title":{"rendered":"Sysco Corp misses profit estimates on higher input costs"},"content":{"rendered":"<p>(Reuters) &#8211;     U.S. food distributor Sysco Corp missed Wall Street expectations for third-quarter profit on Tuesday, hurt by higher raw material costs and a stronger dollar.<\/p>\n<p>Shares of the Texas-based company fell about 2% in premarket trading.<\/p>\n<p>While supply chain constraints have started to gradually ease, this is having little impact on Sysco as it is still struggles with rising prices of meat, dairy and seafood.<\/p>\n<p>This, coupled with a stronger dollar that typically eats into profits of the companies which have sprawling global operations and convert foreign currencies into the greenback, has impacted Sysco.<\/p>\n<p>Despite higher costs, the company has kept prices lower to attract customers, exposing it to stiffer competition from local, regional and multi-regional distributors, according to analysts.<\/p>\n<p>Excluding items, Sysco earned 90 cents per share, missing analysts&#8217; average estimate of 92 cents, according to Refinitiv data.<\/p>\n<p>The company&#8217;s operating expenses in the reported quarter increased 8.7% over the year earlier.<\/p>\n<p>Sysco, however, beat third-quarter revenue expectations as demand recovered from the pandemic-induced slowdown.<\/p>\n<p>Quarterly net sales of the company, which supplies food and related products to restaurants, healthcare and educational facilities, among others, rose 11.7% to $18.88 billion from a year earlier. Analysts on average estimated $18.52 billion.<\/p>\n<p>Analysts said the company&#8217;s diversified business model, which covers different customer types, product categories and geographies, has helped it sustain in an uncertain macroeconomic environment and made it less vulnerable to industry softness. <\/p>\n<p \/>\n<p> (Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shilpi Majumdar)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/sysco-corp-misses-profit\/a-sysco-sign-is-shown-outside-one-of-their-distribution\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410IT-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ410IT-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; U.S. food distributor Sysco Corp missed Wall Street expectations for third-quarter profit on Tuesday, hurt by higher raw material costs and a stronger dollar. Shares of the Texas-based company fell about 2% in premarket trading. While supply chain constraints have started to gradually ease, this is having little impact on Sysco as it [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":31009,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-31008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410IT-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=31008"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31008\/revisions"}],"predecessor-version":[{"id":31010,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31008\/revisions\/31010"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/31009"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=31008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=31008"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=31008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}