AI English summary of an SEC filing — figures as filed
Sysco SYYThe company said sales for Q3 of fiscal 2024 rose 2.7% from Q3 of fiscal 2023. It cited enterprise-level inflation and recent acquisitions as drivers of the increase. It said gross margin rose 44 basis points in Q3.
Key points
AI summaryThe company said sales for Q3 of fiscal 2024 rose 2.7% from Q3 of fiscal 2023. It cited enterprise-level inflation and recent acquisitions as drivers of the increase. It said gross margin rose 44 basis points in Q3.
The company said net earnings fell 1.1% in Q3 and rose 29.6% over the first 39 weeks. Diluted earnings per share were $0.85 for Q3 ($0.84 a year earlier), and $2.66 for the first 39 weeks ($2.03 a year earlier). Diluted earnings per share adjusted for Certain Items were $0.96 for Q3 and $2.92 for the first 39 weeks.
The company said it acquired Edward Don in Q2 of fiscal 2024 and paid a net $1.2 billion for the acquisition over 39 weeks. It said interest expense rose $22.9 million in Q3, or $50.7 million over the first 39 weeks. It attributed the higher debt to the Edward Don acquisition and share repurchases.
The company said operating cash flow for the first 39 weeks of fiscal 2024 was $1.37 billion ($1.43 billion in the same period a year earlier). Over the same period, it repurchased shares for $699.9 million and paid dividends of $758.1 million. The company said it plans to repurchase $1.25 billion of shares in fiscal 2024.
Key figures
Quarter ended March 30, 2024
- Revenue
- $19.4B
- Operating income
- $722M
- Net income
- $425M
- EPS
- $0.85
- Gross profit
- $3.6B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
2024 Q3 Sales and Gross Margin
The company said sales for Q3 of fiscal 2024 rose 2.7% from Q3 of fiscal 2023. It cited enterprise-level inflation and recent acquisitions as drivers of the increase. It said gross margin rose 44 basis points in Q3.
Source · Based on the MD&A text of the filing
Q3 and 39-Week Net Earnings and EPS
The company said net earnings fell 1.1% in Q3 and rose 29.6% over the first 39 weeks. Diluted earnings per share were $0.85 for Q3 ($0.84 a year earlier), and $2.66 for the first 39 weeks ($2.03 a year earlier). Diluted earnings per share adjusted for Certain Items were $0.96 for Q3 and $2.92 for the first 39 weeks.
Source · Based on the MD&A text of the filing
Edward Don Acquisition and Higher Interest Expense
The company said it acquired Edward Don in Q2 of fiscal 2024 and paid a net $1.2 billion for the acquisition over 39 weeks. It said interest expense rose $22.9 million in Q3, or $50.7 million over the first 39 weeks. It attributed the higher debt to the Edward Don acquisition and share repurchases.
Source · Based on the MD&A text of the filing
39-Week Operating Cash Flow and Shareholder Returns
The company said operating cash flow for the first 39 weeks of fiscal 2024 was $1.37 billion ($1.43 billion in the same period a year earlier). Over the same period, it repurchased shares for $699.9 million and paid dividends of $758.1 million. The company said it plans to repurchase $1.25 billion of shares in fiscal 2024.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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