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...