HOUSTON (August 16, 2010)—Sysco's fourth-quarter net income climbed 7 percent as prices grew for dairy, meat, and produce, the food supplier said Monday.
The company, which sells food to schools, hospitals, hotels and restaurants, earned $337.8 million, or 57 cents per share, during the period that ended in early July. That's up from the previous year's net income of $315.3 million, or 53 cents per share.
Revenue climbed nearly 14 percent to $10.35 billion, up from $9.09 billion last year. The fourth quarter included an extra week compared to the same period last year. Analysts surveyed by Thomson Reuters expected Sysco to earn 58 cents per share with revenue of $9.95 billion.
"While the extent, pace and consistency of the economic recovery are not clear, the foundation of Sysco's business is strong and we are well positioned to capitalize on opportunities that materialize as we move forward," President and CEO Bill DeLaney said.
For the full year, Sysco earned $1.18 billion, or $1.99 per share. That's up from the previous year's net income of $1.06 billion, or $1.77 per share. Full-year revenue reached $37.24 billion, up from $36.85 billion the previous year.
Read the announcement transcript here: http://seekingalpha.com/article/220766-sysco-ceo-discusses-f4q10-results-earnings-call-transcript