Sysco Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 28, 2014
Aug 11 14
Sysco Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended June 28, 2014. For the quarter, the company reported sales of $12,286,992,000 compared to $11,601,056,000 a year ago. Operating income was $424,522,000 compared to $459,843,000 a year ago. Earnings before income taxes were $400,533,000 compared to $438,505,000 a year ago. Net earnings were $254,171,000 or $0.43 per basic and diluted share compared to $283,043,000 or $0.47 per diluted share a year ago. Operating income adjusted for certain items (non-GAAP) was $482,369,000 compared to $476,435,000 a year ago. Net earnings adjusted for certain items (non-GAAP) were $293,226,000 or $0.50 per diluted share compared to $295,880,000 or $0.50 per diluted share a year ago. Capital expenditures totaled $136 million for the fourth quarter of 2014.
For the full year, the company reported sales of $46,516,712,000 compared to $44,411,233,000 a year ago. Operating income was $1,587,122,000 compared to $1,658,478,000 a year ago. Earnings before income taxes were $1,475,624,000 compared to $1,547,455,000 a year ago. Net earnings were $931,533,000 or $1.58 per diluted share compared to $992,427,000 or $1.67 per diluted share a year ago. Net cash provided by operating activities was $1,492,815,000 compared to $1,511,594,000 a year ago. Additions to plant and equipment were $523,206,000 compared to $511,862,000 a year ago. Operating income adjusted for certain items (non-GAAP) was $1,736,959,000 compared to $1,753,193,000 a year ago. Net earnings adjusted for certain items (non-GAAP) were $1,035,938,000 or $1.76 per diluted share compared to $1,055,319,000 or $1.78 per diluted share a year ago. Free cash flow (non-GAAP) was $995,399,000 compared to $1,015,259,000 a year ago.
Sysco Corp. Announces Executive Changes
Aug 8 14
Sysco Corp. announced that Tom Ben, who previously was president of North American foodservice for PepsiCo., will become chief commercial officer. Scott Charlton, a former executive vice president for C&S Wholesale Grocers, will become senior vice president of distribution services. Sysco's Chief Legal Officer Russell Libby will head corporate affairs and legal. Sysco's CTO Wayne Shurts will lead business technology. Two U.S. Food Services executives will also join the team: former COO Stuart Schuette will lead sales, and CMO Pietro Satriano will lead merchandising and marketing. Sysco's CEO Bill DeLaney will remain in his position. And current Sysco's CFO Chris Kreidler, who was tasked with orchestrating the integration of the two companies, will also keep his. Paul Mozkowitz, who leads Sysco's human resources, will also stay on in a similar role.
Sysco Announces Retirement of Mike Green as Executive Vice President and President of Foodservice Operations, Effective from December 31, 2014
Aug 5 14
Sysco announced that Mike Green, executive vice president and president of Foodservice Operations, intends to retire on December 31, 2014, after a 24-year career with the company. Green has oversight responsibility for all Sysco broadline and specialty operations across the United States, Canada, Ireland and the Bahamas.