The other Cisco

Sysco Beats, Surges Despite Inflation

Excerpt:

Sysco shares surged 13.7% to $32.40 Monday morning amid heavy volume following the earnings beat. Around 14 million shares changes hands just 90 minutes into the session, compared with their average daily volume of just 3.8 million.

Sysco said food cost inflation was 5.1% last quarter as costs rose for items like mean and seafood.

Sysco passed on some of those higher costs to its customers -- restaurants, healthcare facilities and other customers who prepare meals away from home -- and reported a 9% jump in revenue to $9.76 billion in the recent quarter.

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