Sysco Shares Rise After Earnings Beat Estimates

Sysco Corp. shares rose 3.9% in Monday premarket trading after the food company reported fourth-quarter earnings that beat expectations. Net income totaled $215.67 million, or 38 cents per share, up from $73.03 million, or 12 cents per share, for the same period last year. Adjusted earnings were 64 cents per share, beating the 61-cents-per-share FactSet consensus. Revenue was $13.65 billion, up from $12.40 billion last year and just below the $13.68 billion FactSet estimate. Sysco said food cost deflation was 1.2%, with deflation in meat and dairy offset by inflation in other categories. Sysco shares are up 27.3% for the year so far while the S&P 500 Index is up 6.9% for the same period.