WASHINGTON (dpa-AFX) - Food-distribution giant Sysco Corp. (SYY) posted slightly higher third-quarter net earnings of $259.55 million compared with $258.48 million in the prior-year quarter, while quarterly earnings remianed flat at $0.44 per share.
On a non-GAAP basis, adjusted earnings per share rose 2.1% to $0.49 from $0.48 a year earlier. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.43 for the quarter. Analysts' estimates typically exclude one-time items.
Sales were $10.5 billion, a 7.6% increase from $9.76 billion in the third quarter of fiscal 2011. Ten analysts estimated revenues of $10.45 billion for the quarter. Food cost inflation, as measured by the estimated change in Sysco's product costs, was 5.5%.
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