Sysco tallies fiscal 2011 Q4, full year results

Sysco tallies fiscal 2011 Q4, full year results

Sysco Corporation (NYSE:SYY) has reported financial results for its 13-week fourth quarter and 52-week fiscal year 2011 ended July 2, 2011. In fiscal 2010, the fourth quarter included 14 weeks, and the year included 53 weeks.

In the fiscal 2011 fourth quarter, the Houston TX-based foodservice provider’s record sales of $10.4 billion were 0.7% higher than the $10.3 billion in the fourth quarter of fiscal 2010. On a comparable 13-week basis, sales in the fourth quarter of fiscal 2011 increased 8.5%.

Operating income was $561 million, a decrease of 4.0% versus $584 million in 2010’s fourth quarter. On a comparable 13-week basis, operating income in the fourth quarter of fiscal 2011 rose 3.4%.

Diluted earnings per share (EPS) of $0.57 were flat compared with the prior year’s fourth quarter. On a comparable 13-week basis, diluted EPS in the fourth quarter of fiscal 2011 increased 7.5% and set a company record.

For the 2011 full fiscal year, record sales of $39.3 billion were 5.6% higher than the $37.2 billion in the prior year. On a comparable 52-week basis, sales in fiscal 2011 increased 7.7%.

Operating income was $1.9 billion, a decrease of 2.2% compared with $2.0 billion the year before. This result included a $36 million charge related to withdrawal of an operating company from a multi-employer pension plan (MEPP). On a comparable 52-week basis, excluding the MEPP charge, operating income in fiscal 2011 rose 1.7%.

Net earnings for fiscal 2011 were $1.2 billion, a decrease of $4 million, or 0.3%, versus adjusted net earnings in the prior year. Diluted EPS in fiscal 2011 was $1.96, including a $0.04 negative impact from an MEPP charge and a $0.02 tax benefit.

“We successfully supported our customers and profitably grew our share of market this past year in the midst of an economic recovery that remains slow and choppy,” said Bill DeLaney, Sysco’s president and chief executive officer. “Looking forward, we remain committed to optimizing our core business through the solid execution of our business plan and the effective implementation of our business transformation initiative.”

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