Sysco Corp. (SYY), a foodservice distribution company, reported first-quarter net earnings of $453.78 million or $0.87 per share, up from $431.04 million or $0.81 per share in the year-ago period.
Excluding items, adjusted earnings for the quarter were $0.98 per share, compared to $0.91 per share last year.
Net sales for the quarter rose 0.6 percent to $15.30 billion from $15.22 billion in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter on revenues of $15.51 billion. Analysts' estimates typically exclude special items.
"We saw improved financial results in the first quarter with adjusted operating income growth that was in line with our expectations, as we remain focused on accelerating local case growth and maintaining our strong track record of expense management," said Tom Bené, Sysco's chairman, president and chief executive officer.
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