Sysco Corporation (NYSE:SYY) Q4 2019 Earnings Conference Call Transcript

Aug 12, 2019 • 10:00 am ET

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Sysco Corporation (NYSE:SYY) Q4 2019 Earnings Conference Call Transcript

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Presentation
Executive
Thomas L. Bene

of these near-term challenges. We know from our ongoing customer feedback that we are strategically on the right track, as we work to improve the experience our customers have in doing business with Sysco. That includes our ongoing investment in customer-facing technology as we look to improve the way our customers do business with us.

Additionally, we will continue to drive growth in our Sysco Brand, not only through the addition of new and innovative products, but also by expanding the reach of these type of products in additional geographies beyond the U.S. and Canada. We continue to have the strongest balance sheet in the industry and expect to leverage that to drive growth both in the core business and in returning value to shareholders. That includes planned M&A in both segments and geographies in which we currently serve as well as relative adjacencies over time which will only further strengthen our position as we see the level of competition in the industry increasing.

In summary, in fiscal 2019, we saw improved year-over-year financial performance which included strong adjusted operating income growth, double-digit adjusted earnings per share growth, and strong cash flow performance, all achieved while investing in the business and returning value to shareholders with our 50th dividend increase and over $1 billion in share repurchases.

Looking ahead, our focus remains squarely on the customer and achieving the newly outlined three-year plan financial targets. I remain very confident, we have the right strategies, and most importantly, the right team to vigorously compete on service, the highest quality products and price.

Finally, I would like to thank each of our 69,000 associates across the globe for their continued dedication and hard work to ensuring Sysco remains our customers' most valued and trusted business partner.

Operator, we are now ready for Q&A.