Sysco Stock Price, News & Analysis

Sysco has recognized its global colleagues for their volunteer work in the past quarter. Employees Sunny Bhatia, Jamie Schell, Tim Boldt, and Rohana Kumara were highlighted for their contributions, with Sysco making donations to local food banks on their behalf. Across the company, Sysco employees collectively volunteered nearly 2,700 hours. This initiative aligns with Sysco's mission to connect the world through food and care.

On May 22, 2024, Sysco hosted its Investor Day at the NYSE, detailing its three-year growth strategy. CEO Kevin Hourican outlined plans to enhance core performance and continue its 'Recipe for Growth' initiative.

Sysco aims for 4-6% annual sales growth and 6-8% adjusted operating income growth. Anticipated total return to shareholders is 9-11% per year via dividends. They will leverage merchandising, supply chain capabilities, and international market growth.

Sysco introduced 'Sysco Marketplace' to expand product offerings and facilitate third-party sales. The company focuses on local case growth and independent market share through Total Team Selling.

Sysco (NYSE: SYY) has inaugurated a new 454,000 square foot distribution and culinary center in Northampton, PA, marking its first U.S. Broadline facility in over a decade. This state-of-the-art facility is set to create nearly 250 jobs, enhancing Sysco’s service in the Lehigh Valley, Northeast PA, Poconos, and Northern New Jersey regions.

The center includes a cutting-edge culinary hub for menu testing and development, and customers can benefit from Sysco’s loyalty program, Sysco Perks!, which offers extensive delivery options and industry-leading restaurant solutions worth up to $6,000. The facility will also support Sysco’s Your Way program, providing flexible delivery solutions to local restaurants.

Sysco’s growth strategy includes investments in e-commerce and specialty food divisions, aiming to expand its market reach and customer base. The average wage for job opportunities at the new facility is $75,000 annually, along with comprehensive healthcare and retirement benefits.

Sysco (NYSE: SYY), the largest food distributor globally, announced the addition of 10 heavy-duty electric tractors to its fleet in Houston, Texas. This milestone brings Sysco's total electric vehicle (EV) count to nearly 120 across the U.S., Canada, U.K., and Sweden. The expansion is part of Sysco's strategy to cut direct emissions by 27.5% by 2030. U.S.-based EVs are deployed in multiple cities including Baltimore, Denver, and Los Angeles. Sysco aims to exceed 130 EVs by the end of June 2024. Both Neil Russell, Chief Administrative Officer, and Dan Purefoy, Chief Supply Chain Officer, emphasized the collaborative efforts and planning that facilitated this growth, highlighting the benefits of reduced carbon footprint, noise pollution, and improved delivery partner experiences.

Sysco announced the arrival of new heavy-duty electric vehicles (EVs) at its Houston distribution facility, marking the first deployment of such vehicles in Texas. The company is expanding its electric fleet across the United States and globally. Sysco's Chief Administrative Officer, Neil Russell, will share updates at a news conference on May 14, 2024. The event will include speeches, a media Q&A session, and hands-on experiences with the EVs. Sysco operates 334 distribution facilities globally, serving around 725,000 customer locations, and reported over $76 billion in sales for the fiscal year 2023. This initiative is part of Sysco's commitment to sustainability and innovation in the foodservice industry.

Sysco (NYSE: SYY) will host an investor day at the New York Stock Exchange on May 22, 2024. Top executives will present, and a live webcast will be available. Sysco is a global leader in food product distribution, operating 334 facilities worldwide with over 72,000 employees. The company generated sales of over $76 billion in fiscal year 2023.

Sysco (NYSE: SYY) announced the appointment of Kevin Hourican as the new Chair of the Board and Chief Executive Officer, following Edward D. Shirley stepping down due to health reasons. The company highlighted Hourican's leadership and vision in navigating challenges, with Larry Glasscock appointed as Lead Independent Director.

Sysco reported positive financial results for its third fiscal quarter ending March 30, 2024. Sales increased by 2.7%, U.S. Foodservice volume grew by 2.9%, and gross profit rose by 5.2%. Operating income increased by 3.8% to $722.0 million, with adjusted operating income up by 8.4% to $799.3 million. EBITDA and adjusted EBITDA increased by 5.4% and 8.5% respectively. EPS increased by 1.2% to $0.85, and adjusted EPS grew by 6.7% to $0.96. Sysco plans to return approximately $2.25 billion to shareholders in fiscal year 2024.