Sysco’s Net Income Falls 12% on Higher Expenses
Restaurant food distributor Sysco Corp. said fiscal second-quarter profit fell 12% on higher fuel and stock option expenses.
Net income at the Houston-based company dropped to $204.2 million, or 33 cents, from $232.6 million, or 36 cents. That was short of the average 35 cents that analysts polled by Thomson Financial expected.
Revenue climbed 8.7% to $7.97 billion. Sysco’s stock climbed $1.90, or 6.2%, $32.47.
Sysco had $13 million in additional costs for fuel and $14 million in expenses to centralize its distribution.
The company also incurred stock option expenses of $29.3 million, or 4 cents a share.
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