Sysco Reports $17.3B Gain in Financial Results; Kevin Hourican and Aaron Alt Comment
HOUSTON, TX - On the daily, companies are executing ambitious strategies to guarantee growth amid current market challenges, supply chain pressures, and more. One of those companies is Sysco, which has once again delivered a boost to its bottom line in its fourth quarter and fiscal year 2022 results. As outlined in the report, sales increased 33.8 percent to $68.6 billion, revealing a $17.3 billion boost from last year’s $51.3 billion.
“Sysco generated another quarter of top-line and bottom-line improvements, topping off a strong year of financial performance, especially given the environmental conditions. This included growing more than 1.3 times the market for the year and exceeding fiscal 2019 operating income for the quarter by 6.4 percent. The strong financial performance was delivered while simultaneously investing in our Recipe For Growth strategy. We are delivering new commercial capabilities and accelerating growth in a way which will pay long-term returns for Sysco and our investors,” said Kevin Hourican, President and Chief Executive Officer. “I want to thank our associates around the world for their continued hard work and customer centricity.”
According to the fiscal report, Sysco’s growth outpaced the United States market by more than 1.3 times for the full year.
Some of the other key highlights for the full year outlined in the report include:
- Gross profit increased 31.7 percent to $12.3 billion, as compared to the prior year
- Operating income increased 62.7 percent to $2.3 billion, and adjusted operating income increased to $2.6 billion, as compared to the prior year
- EBITDA increased to $3.1 billion, and adjusted EBITDA increased to $3.3 billion, in each case as compared to the prior year
“Sysco delivered strong financial results, growing volumes and sales, effectively managing double-digit inflation, and improving profitability, all while also strengthening our balance sheet and returning $1.5 billion to our shareholders. We have many reasons to be upbeat about our business. While keeping a careful eye on macro-economic developments, we expect to grow adjusted EPS by 26 to 35 percent, or $4.09–$4.394, for fiscal year 2023,” said Aaron Alt, Chief Financial Officer.
To view the report in its entirety, click here.
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