Sysco Reports Highest Second Quarter on Record, while Capital Expenditures Remain Steady

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Researched by Industrial Info Resources (Sugar Land, Texas)--Leading food distributor Sysco Corporation (NYSE:SYY) (Houston, Texas) recorded its strongest second-quarter financial results for its 13-week fiscal quarter ended December 29, 2012. Gross profits for the second quarter were $1.9 billion, an increase of 3.9% from the company's second-quarter 2012.

Sales were $10.8 billion, an increase of 5.4% from the same period last year. Operating expenses increased $116 million, or 8.2%, compared to operating expenses in second-quarter 2012. This was due mainly to a $45 million increase in gross business transformation expenses and a $17 million increase in payroll expenses. In addition, operating expenses reflect $22 million in charges related to certain items. Excluding certain items and business transformation expenses, adjusted operating expenses increased 3.7%.

Sysco cited consumer confidence and consumer concerns over a range of fiscal issues, among other items, as factors that might impact its customers and the company's business.

According to Industrial Info, Sysco also has more than $235 million in project activity in the planning and development phase for facility upgrades, modernizations and expansions in the U.S. and Canada.

Industrial Info's Online Plant Database contains profiles of more than 90 Sysco warehouse, distribution centers and redistribution centers across the U.S. and Canada.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.