5 Stocks that Released Solid Quarterly Earnings

2. Sysco Corporation (NYSE: SYY)

Number of Hedge Fund Holders: 42

Sysco Corporation (NYSE: SYY) recently came into the limelight after announcing impressive quarterly results, helped by strong demand for its food products. The company reported earnings of 29 cents per share for the fourth quarter ended July 3, compared to a loss of $1.22 per share in the year-ago quarter.

On an adjusted basis, Sysco earned 71 cents per share, ahead of the consensus forecast of 60 cents per share. In addition, revenue for the quarter soared 82 percent on a year-over-year basis to $16.1 billion, exceeding analysts’ average estimate of $14.66 billion.

If we look at the region-wise sales performance, revenue from the U.S. foodservice operations increased more than 88 percent to $11.5 billion. In comparison, revenue from the international foodservice operations rose 83.4 percent to $2.5 billion.

Discussing the results, CEO Kevin Hourican said, “Sysco’s fourth-quarter results were strong, reflecting market share gains and industry demand that has continued to rebound earlier and stronger than expected.