Sysco pulls guidance due to COVID-19, updates on liquidity position

About: Sysco Corporation (SYY)


By: Jignesh Mehta, Seeking Alpha

Mar. 20, 2020


         Sysco (NYSE:SYY) withdraws its FY18-FY20 three-year plan guidance due to the rapidly evolving impact of COVID-19 on the global economy.


         The Company has cash on hand of ~$2B as of March 20, 2020, including a recent $1.5B withdrawal under its revolving credit facility.


         SYY has no debt maturities for the next six months. In addition, the company is working with its banking partners to raise additional funds and further strengthen its liquidity.


         In addition...