Business

Houston-Based Sysco Reports Net Earnings Of $950M For Fiscal Year 2016

It’s a reminder that the oil bust doesn’t mean all Houston companies are struggling.

Sysco truck
Sysco truck

Houston-based food service company Sysco’s fiscal year 2016 net earnings of $950 million is an increase of almost 40 percent from the previous year.

Its annual sales increased 3.5 percent to $50.4 billion over the course of its 53-week fiscal year, which ended on July 2.

“Our performance reflects the soundness of our strategy, the commitment of our associates to supporting the success of our customers, and the consistently improving execution of our three-year plan,” Sysco CEO Bill DeLaney told investors during a conference call Monday.

The company plans to increase its operating income growth by reducing its workforce and modernizing technology by 2018.

The news is in contrast to what Houston’s oil and gas companies – like ConocoPhillips or Noble – are reporting. They have recorded hundreds of millions of dollars in losses due to low oil prices for the past year.

Sysco is one of the largest food and supplies distributors in the United States. It serves restaurants, hospitals and schools.

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Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters, the Houston Press Club, National Association of Real Estate Editors, and Public Radio...

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