$SYY (Sysco Corporation)

$SYY {{ '2016-02-22T14:15:58+0000' | timeago}} • Announcement

$SYY said the acquisition of Brakes Group is expected to immediately add to $SYY's earnings. Unanimously approved by $SYY's BoD, the transaction expands its footprint in the UK and Ireland and further into Europe and positions the company for potential future expansion in these markets.

$SYY {{ '2017-07-17T21:04:37+0000' | timeago}} • Announcement

$SYY said Bill DeLaney will be succeeded as CEO by Tom Bene, currently president and COO. Bene will become president and CEO effective Jan. 1, 2018, and will join $SYY's BoD. DeLaney will serve as an advisor to Bene through Dec. 31, 2018.

$SYY {{ '2017-05-30T21:10:05+0000' | timeago}} • Announcement

$SYY appointed Brian Todd as SVP, merchandising, effective Aug. 1, 2017, following Bill Day's decision to retire. Day will remain in his current position through July 31, 2017, and work closely with Todd and the company's senior executive team to ensure an orderly transition of his responsibilities.

$SYY {{ '2017-05-26T10:59:38+0000' | timeago}} • Announcement

$SYY BoD declared a regular quarterly cash dividend of $0.33 per share. The dividend is payable on July 28, 2017, to common shareholders of record at the close of business on July 7, 2017.

$SYY {{ '2017-05-08T15:13:06+0000' | timeago}} • Webcast

$SYY said that on international opportunities, the company is feeling good about the earnings momentum it has in Canada currently. In Latin America, there are a couple of JVs like Bahamas, which are smaller in scale but fruitful in terms of what $SYY is seeing over the medium to long term in terms of growth potential.

$SYY {{ '2017-05-08T14:59:11+0000' | timeago}} • Webcast

Regarding capital allocation, $SYY said reinvesting is one of the company's key priority, which reflects in its CapEx. Additionally, dividend is also an area of focus along with pursuing strategic M&A opportunities both in the core space and adjacencies and additional geographies.

$SYY {{ '2017-05-08T12:43:14+0000' | timeago}} • Announcement

In 3Q17, $SYY saw its gross margin jump 89 basis points to 18.74%, as operating income soared 15.5% to $436MM. The Butcher’s Block meat supplier reported cash flow from operations of $1.0Bil for the first 39 weeks of FY17, with capex, net of proceeds from sales of plant and equipment, totaling $395MM for the period.

$SYY {{ '2017-05-08T12:41:10+0000' | timeago}} • Announcement

Food distributor $SYY's sales jumped 12.7% to $13.5Bil in 3Q17, as the Sysco's net earnings rose 9.7% to $238.3MM from a year ago. Earnings soared 15.8% to $0.44 per diluted share, as U.S. Foodservice sales inched 2% up to $9.2Bil and international Foodservice sales doubled to $2.53Bil.

$SYY {{ '2017-03-24T13:45:52+0000' | timeago}} • Announcement

$SYY appointed Ajoy Karna as SVP, international foodservice operations - Europe,  effective April 17, 2017. Karna will be responsible for Brakes Group, which encompasses $SYY's operations in Europe. Ken McMeikan, CEO of Brakes Group, will remain with the Company for a brief transition period.

$SYY {{ '2017-03-01T15:53:03+0000' | timeago}} • Announcement

$SYY appointed Anita Zielinski as SVP and chief accounting officer, effective April 3, 2017. Prior to joining $SYY, Zielinski was a member of Ernst & Young's Assurance practice in Houston for 20 years, and was promoted to partner in 2013.

$SYY {{ '2017-02-06T16:01:33+0000' | timeago}} • Webcast

$SYY said that their third quarter is typically slower for the company's business. Since the Brakes business is more seasonal, the company doesn't expect same addition in 3Q17 as in 2Q17. $SYY expects Brakes business to reduce the EPS modestly in 3Q17 and add modestly in 4Q17.

$SYY {{ '2017-02-06T15:54:40+0000' | timeago}} • Webcast

$SYY, which completed the acquisition of Brakes Group in July 2016, some near-term headwinds in 3Q17. The company expects continued industry softness, challenging YoY comparisons and the seasonal trough of Brakes to impact its results. $SYY expects the Canadian business to deliver positive results.

$SYY {{ '2017-02-06T15:43:19+0000' | timeago}} • Webcast

Food products distributor $SYY reported that modest US GDP growth, increased consumer confidence and strong financial markets reflect positive implications for longer-term consumer demand. The restaurant industry, which represents approx. 60% of the foodservice market, has not strengthened to the level of growth seen in the past, the company said.

$SYY {{ '2017-02-06T13:34:37+0000' | timeago}} • Announcement

$SYY said the improvements in both cash flow from operations and free cash flow during 1H17 are due mainly to higher earnings, improved working capital, and payments made in the prior year related to the proposed merger with US Foods.

$SYY {{ '2017-02-06T13:30:09+0000' | timeago}} • Announcement

During 2Q17, sales of $SYY's U.S. Foodservice Operations dropped marginally to $9.1Bil. Operating income during the quarter rose 9% YoY to $681MM. Sales during the quarter for the International Foodservice Operations rose to $2.6Bil, compared to $1.3Bil during 2Q16. Operating income rose to $85MM.

$SYY {{ '2017-02-06T13:25:42+0000' | timeago}} • Announcement

Food products distributor $SYY reported higher 2Q17 earnings, helped by higher revenue and operating income. Net earnings rose to $275MM, or $0.50 per share compared to $272MM, or $0.48 per share. Sales rose 11% YoY to $13.5Bil. Excluding items, $SYY earned $0.58 per share during the quarter.

$SYY {{ '2016-11-16T13:17:24+0000' | timeago}} • Announcement

$SYY BoD approved a 6% increase in its quarterly cash dividend to $0.33 per share from the current $0.31 per share. The new dividend is payable on Jan. 27, 2017, to common stockholders of record at the close of business on Jan. 6, 2017.

$SYY {{ '2016-11-07T17:15:41+0000' | timeago}} • Webcast

$SYY said that it is trying to get 10-15% earnings growth every quarter, consistent with the three-year strategic plan. The company said it is on track right now and is looking to reassess the condition at the end of 2Q17.

$SYY {{ '2016-11-07T16:53:41+0000' | timeago}} • Webcast

$SYY reported that it will continue to track the three-year plan announced in Sept. 2015, in which the company outlined its strategies to reduce administrative costs and generate strong free cash flow. The company added that it is planning to devise a new three year plan in the next few months and will announce that plan sometime in 2017.

$SYY {{ '2016-11-07T16:23:35+0000' | timeago}} • Webcast

$SYY increased its credit facility from $1.5Bil to $2Bil. The company will also increase its commercial paper lines accordingly.

$SYY {{ '2016-11-07T16:18:54+0000' | timeago}} • Webcast

$SYY reported that Brakes Group, which the company acquired in February 2016, added approx. $0.04 to the company's business in 1Q17 on an adjusted basis. Because of the seasonality of Brakes business, $SYY does not expect the same accretion each quarter, particularly in 3Q.

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