Sysco Corp. Announces Board Appointments
Aug 20 15
Sysco Corp. announced that it has added Nelson Peltz, chief executive officer and a founding partner of Trian Fund Management L.P., and Josh Frank, a Trian partner, to its Board of Directors, effective August 21, 2015. With the election of Peltz and Frank, the Sysco Board of Directors expands to 12 members, 10 of whom are independent. Peltz and Frank will be included in the company's slate of nominees for election to the Board at the 2015 Annual Meeting of Shareholders. Peltz will join the Corporate Governance and Nominating Committee and Frank will join the Compensation and Finance Committees of Sysco's Board.
Sysco Corporation Announces Executive Changes
Aug 13 15
Sysco Corporation announced promotions and changes in responsibility within its executive leadership team. Each of these leaders reports to Bill DeLaney, the company’s president and chief executive officer. Paul Moskowitz, previously senior vice president-Human Resources, was promoted to executive vice president-Human Resources. Scott Charlton, previously senior vice president-Distribution Services, was promoted to executive vice president-Supply Chain. Additionally, Russell Libby, previously executive vice president-Corporate Affairs and chief legal officer, was named executive vice president-Administration and corporate secretary. Other members of the company’s executive leadership team include: Tom Bené, executive vice president and president-Foodservice Operations; Joel Grade, executive vice president and chief financial officer (his appointment to this role is effective Sept. 1); and Wayne Shurts, executive vice president and chief technology officer.
Sysco Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 27, 2015
Aug 10 15
Sysco Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended June 27, 2015. For the quarter, the company reported sales of $12,401,938,000 compared to $12,286,992,000 a year ago. Operating income was $120,995,000 compared to $424,522,000 a year ago. Earnings before income taxes were $68,748,000 compared to $400,533,000 a year ago. Net earnings were $73,026,000 or $0.12 per basic and diluted share compared to $254,171,000 or $0.43 per basic and diluted share a year ago. The decrease was primarily due to $313 million in merger termination expenses. Operating income adjusted for certain items (non-GAAP) was $509,245,000 compared to $481,364,000 a year ago. Net earnings adjusted for certain items (non-GAAP) were $309,162,000 or $0.52 per diluted share compared to $292,588,000 or $0.49 per diluted share a year ago.
For the year, the company reported sales of $48,680,752,000 compared to $46,516,712,000 a year ago. Operating income was $1,229,362,000 compared to $1,587,122,000 a year ago. Earnings before income taxes were $1,008,147,000 compared to $1,475,624,000 a year ago. Net earnings were $686,773,000 or $1.15 per diluted share compared to $931,533,000 or $1.58 per diluted share a year ago. Operating income adjusted for certain items (non-GAAP) was $1,791,830,000 compared to $1,733,630,000 a year ago. Net earnings adjusted for certain items (non-GAAP) were $1,100,166,000 or $1.84 per diluted share compared to $1,033,836,000 or $1.75 per diluted share a year ago. Capital expenditures, net of proceeds from sales of plant and equipment, totaled $518 million for fiscal 2015, which was $21 million higher than the same period last year. Net cash provided by operating activities was $1,555,484,000 compared to $1,492,815,000 a year ago. Additions to plant and equipment were $542,830,000 compared to $523,206,000 a year ago. Free cash flow (non-GAAP) was $1,037,126,000 compared to $995,399,000 a year ago.