Sysco Corp. SYY, +0.08% stock fell 2.2% in Tuesday premarket trading after the foodservice distributor reported fiscal second-quarter profit that plunged year-over-year and a sharp revenue decline. Net income totaled $67.3 million, or 13 cents per share, down 82.4% from $383.4 million, or 74 cents per share, last year. Adjusted EPS totaled 17 cents, down from 68 cents last year and below the FactSet consensus for 34 cents. Sales totaled $11.56 billion, down from $15.03 billion last year and below the FactSet consensus for $12.22 billion. Foodservice has taken a hit due to COVID-19. “[W]ith a COVID business recovery in sight, we are preparing for the upcoming increase in demand, and Sysco will be best positioned for a strong rebound due to our industry-leading financial strength and ability to invest in inventory, staffing and service levels,” said Kevin Hourican, chief executive of Sysco in a statement. Sysco stock has tumbled nearly 13% over the last year while the S&P 500 index SPX, +1.61% is up 17% for the period.
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