Foodservice Distributors Heavily Impacted by Covid-19
By Palash Ghosh, The Food Institute
Feb 11, 2021
Sysco Corp.’s fiscal second-quarter results came in below analysts’ estimates on pandemic-related constraints, with the Houston-based food distributor posting adjusted earnings of $0.17 per share, well under the Zacks consensus estimate of $0.35 per share and the $0.85 per share the company recorded a year ago.
The company generated revenue of $11.56 billion, compared to $15.03 billion last year.
In an earnings call with analysts, Sysco CEO Kevin Hourican said that COVID-19 has imposed “substantial restrictions upon the customers we serve in the food-away-from-home sector and has disrupted our marketplace,” noting that the month of December was especially tough due to a decline in restaurant traffic and sales as a result of renewed lockdown measures.
Aaron E. Alt, the company’s chief financial officer, added that the impact of the coronavirus on company operations varied by region...
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