<p>Sysco Corporation（(SYY)）已召开第二季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Sysco 的财报电话会议在行业逆风中平衡了稳健的执行力</p>
<p>Sysco Corporation 最新的财报电话会议传达了明显的积极基调，得益于收入和调整后每股收益的增长、毛利率的扩大、强劲的自由现金流以及突出的国际业绩。管理层强调，内部举措——从销售团队的生产力和人工智能驱动的工具到战略性并购——正在有效抵消餐厅客流疲软和全国连锁店销量下滑的挑战。尽管激励性薪酬的压力和略微上升的杠杆仍然是关注点，但公司提高的指引显示出对其势头持久性的信心。</p>
<h2>核心业务驱动的收入增长</h2>
<p>Sysco 报告本季度总收入接近 210 亿美元，同比增长 3%。这一增长是广泛的，美国食品服务、国际业务和 SYGMA 均有贡献。考虑到行业普遍的餐厅客流放缓，这一表现尤为显著，表明 Sysco 正在抢占市场份额，并受益于其核心食品服务分销业务的强劲执行。</p>
<h2>提高全年的每股收益指引显示信心</h2>
<p>管理层将 2026 财年的调整后每股收益展望上调至之前 4.50 至 4.60 美元区间的高端，实际上引导投资者朝向 4.60 美元。此次上调反映了上半年超出预期的业绩，以及对运营改善和商业举措将在下半年持续发挥作用的信心，即使公司面临显著的激励性薪酬压力。</p>
<h2>收益和现金流凸显增长质量</h2>
<p>调整后每股收益在本季度增长 6.5%，截至目前的自由现金流攀升至 4.13 亿美元，增长 25%。管理层强调这一点作为高质量收益和改善现金生成的证据，强化了盈利能力的提升不仅仅是会计驱动的，而是由真实的现金流支持，使 Sysco 在分红、回购和并购方面具备灵活性。</p>
<h2>毛利和利润率持续扩大</h2>
<p>毛利达到 38 亿美元，同比增长 3.9%，毛利率扩大 15 个基点至 18.3%。利润率的改善归因于战略采购举措和温和的通货膨胀，这增强了定价纪律和产品组合。这一在需求疲软环境中实现的利润率扩张，表明 Sysco 在商品销售和供应链效率方面的结构性改善。</p>
<h2>国际业务板块表现突出</h2>
<p>Sysco 的国际业务板块表现明显优于其他板块，销售额按报告基准增长 7.3%，不包括墨西哥则增长 9.9%。当地案例增长 4.5% 和调整后营业收入增长约 25.6% 标志着国际业务连续第九个季度实现双位数的营业收入增长。管理层将此视为关键增长引擎，当地市场的强劲和海外业务的盈利能力改善帮助平衡了美国部分业务的疲软状况。</p>
<h2>美国本地销量势头改善</h2>
<p>美国食品服务本地案例销量在本季度增长 1.2%，较上季度改善 140 个基点。Sysco 预计这一势头将继续增强，指导第三季度和第四季度本地销量至少增长 2.5%，其中约 2.1% 来自有机增长，约 50 个基点来自并购。这一改善的本地销量趋势尤为重要，因为本地客户通常利润率更高且比大型连锁业务更具韧性。</p>
<h2>销售团队实力和人工智能应用提升生产力</h2>
<p>公司强调销售同事的高留存率，达到或超过历史高点，同时新客户的强劲入驻和更好的客户留存率。一个关键驱动因素是 AI360，Sysco 的客户关系管理和人工智能平台，自上线约四个月以来，每周有超过 95% 的目标用户在使用。管理层指出，使用 AI360 的销售团队生产力明显提升，表明技术驱动的销售正在成为一种持久的竞争优势。</p>
<h2>战略性并购和强劲的资本回报</h2>
<p>Sysco 完成了对 Ginsburg Foods 的并购，这扩大了其在东北地区的规模。Ginsburg 在第二季度贡献了约 10 个基点的增长，预计在下半年将贡献约 50 个基点。管理层重申了以股东为中心的资本配置计划，目标是 2026 财年约 10 亿美元的分红和约 10 亿美元的股票回购，预计每股分红年增长约 6%。这一选择性并购和可观的资本回报的组合凸显了公司对其资产负债表和现金生成的信心。</p>
<h2>行业疲软：餐厅客流承压</h2>
<p>尽管 Sysco 的执行力稳健，管理层对疲弱的需求背景表示坦诚。根据 Black Box 的数据，行业餐厅客流同比下降超过 200 个基点，环比下降约 230 个基点。这一客流压力对整体行业需求造成了影响，并构成了一个关键的宏观逆风。因此，Sysco 的业绩反映的并不是一个繁荣的终端市场，而是在疲软的行业背景下的市场份额增长和运营纪律。</p>
<h2>全国餐厅板块的疲软影响了组合</h2>
<p>Sysco 的全国合同餐厅板块的销量同比下降，反映出大型连锁店面临的更广泛压力。这一疲软部分抵消了食品服务管理、旅行与娱乐及医疗保健等其他领域的强劲表现。混合表现突显了公司的客户基础多样化，但也强调了全国连锁店相较于更健康的板块仍然是一个拖累。</p>
<h2>激励薪酬的阻力影响比较</h2>
<p>当前年度盈利能力的一个显著拖累是与前一年异常低的激励薪酬的对比。对于 2026 财年，管理层量化了大约 1 亿美元的阻力，或每股约 0.16 美元，与此因素相关。影响将在第三季度（约 6300 万美元）和第四季度（约 1100 万美元）最为明显。尽管这一因素本质上与运营无关，但它使得年度比较变得复杂，并在一定程度上掩盖了潜在的盈利增长。</p>
<h2>本地投放规模和组合动态</h2>
<p>本地投放规模——基本上是每次交付的价值——在本季度略有下降，下降约 1%。即使在更好的案例量和销售团队生产力的情况下，较小的投放规模仍可能对每单经济产生压力，并限制运营杠杆。管理层承认这是一个需要关注的点，建议优化组合和订单经济仍然是维持利润扩张的优先事项。</p>
<h2>杠杆略高于目标范围</h2>
<p>Sysco 在本季度结束时的净债务杠杆为 2.86 倍，略高于其目标范围的 2.5 倍至 2.75 倍。虽然并不令人担忧，但较高的杠杆确实在一定程度上限制了短期灵活性。管理层重申其意图在未来将杠杆恢复到目标区间内，平衡投资、并购和可观的股东回报。</p>
<h2>运营费用和企业成本趋势</h2>
<p>调整后的运营费用为 30 亿美元，占销售额的 14.4%，同比上升 15 个基点。企业调整后的费用增加了 3.8%，主要受计划投资和激励薪酬正常化的推动。重要的是，排除激励薪酬后，企业成本基本持平，表明公司在保持成本纪律的同时，仍在投资于技术和商业能力等增长举措。</p>
<h2>指导和展望：尽管面临阻力仍有增长</h2>
<p>Sysco 更新的 2026 财年指导预计净销售增长约为 3%–5%，达到约 840 亿至 850 亿美元，假设通胀约为 2%，调整后的每股收益在之前范围的高端，约为 4.60 美元。排除大约 1 亿美元的激励薪酬阻力，管理层预计调整后的每股收益增长约为 5%–7%。公司预计第三季度和第四季度美国本地案例增长至少为 2.5%，其中至少 2.1% 为有机增长，约 50 个基点来自并购。Sysco 对共识第三季度每股收益 0.94 美元表示满意，并指导调整后的折旧和摊销约为 8.2 亿美元，未来两个季度各约为 2.1 亿美元。资本配置计划包括在第三季度恢复股票回购（计划约 10 亿美元），维持约 10 亿美元的股息，每股中等个位数增长，并将杠杆恢复到 2.5 倍至 2.75 倍的目标范围，支持来自 413 百万美元的年初至今自由现金流和约 29 亿美元的流动性。</p>
<p>Sysco 的财报电话会议描绘了一幅在更艰难的宏观环境中表现良好的公司的图景，利用利润纪律、国际增长、技术驱动的生产力和有针对性的并购来克服餐厅流量疲软和全国连锁的疲软。尽管激励薪酬、略高的杠杆和小投放动态仍然是需要关注的领域，但提高的指导和强劲的现金生成表明，Sysco 有能力实现稳定的盈利增长和可观的股东回报，即使更广泛的餐饮服务市场仍然低迷。</p>

西斯科

食品饮料 ETF - PowerShares

<p>Sysco Corporation 第二季度的财报电话会议强调了近 210 亿美元的收入增长，同比增长 3%，这得益于美国食品服务和国际业务的强劲表现。管理层将 2026 财年的调整后每股收益指引上调至 4.60 美元，反映出尽管行业面临挑战，但对运营改善的信心。毛利润上升至 38 亿美元，利润率扩张归因于战略采购和通胀缓和。公司报告了 4.13 亿美元的强劲自由现金流，强调了高质量的收益。Sysco 的战略并购和强劲的资本回报，包括 10 亿美元的股息和股票回购，凸显了其在餐饮流量疲软环境中的财务实力</p>

<p>Sysco Corporation ((SYY)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Sysco Corporation（(SYY)）已召开第二季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
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</div><p>Sysco’s Earnings Call Balances Solid Execution With Industry Headwinds</p>
<div class="lb-trans"><p>Sysco 的财报电话会议在行业逆风中平衡了稳健的执行力</p>
</div><p>Sysco Corporation’s latest earnings call struck a clearly positive tone, underpinned by growth in revenue and adjusted EPS, expanding gross margins, strong free cash flow and standout international performance. Management emphasized that internal initiatives—ranging from salesforce productivity and AI-driven tools to strategic M&amp;A—are more than offsetting a challenging backdrop of weak restaurant traffic and softness in national chain volumes. While incentive-compensation headwinds and slightly elevated leverage remain watch points, the company’s raised guidance signaled confidence in the durability of its momentum.</p>
<div class="lb-trans"><p>Sysco Corporation 最新的财报电话会议传达了明显的积极基调，得益于收入和调整后每股收益的增长、毛利率的扩大、强劲的自由现金流以及突出的国际业绩。管理层强调，内部举措——从销售团队的生产力和人工智能驱动的工具到战略性并购——正在有效抵消餐厅客流疲软和全国连锁店销量下滑的挑战。尽管激励性薪酬的压力和略微上升的杠杆仍然是关注点，但公司提高的指引显示出对其势头持久性的信心。</p>
</div><h2>Revenue Growth Driven by Core Segments</h2>
<div class="lb-trans"><h2>核心业务驱动的收入增长</h2>
</div><p>Sysco reported nearly $21 billion in total revenue for the quarter, a 3% year-over-year increase. The growth was broad-based, with U.S. Foodservice, International and SYGMA all contributing. This performance is notable given the industry-wide slowdown in restaurant traffic, suggesting that Sysco is capturing share and benefiting from strong execution in its core foodservice distribution business.</p>
<div class="lb-trans"><p>Sysco 报告本季度总收入接近 210 亿美元，同比增长 3%。这一增长是广泛的，美国食品服务、国际业务和 SYGMA 均有贡献。考虑到行业普遍的餐厅客流放缓，这一表现尤为显著，表明 Sysco 正在抢占市场份额，并受益于其核心食品服务分销业务的强劲执行。</p>
</div><h2>Raised Full-Year EPS Guidance Signals Confidence</h2>
<div class="lb-trans"><h2>提高全年的每股收益指引显示信心</h2>
</div><p>Management lifted its full-year FY2026 adjusted EPS outlook to the high end of its prior $4.50 to $4.60 range, effectively steering investors toward $4.60. The upgrade reflects stronger-than-expected results in the first half and confidence that operational improvements and commercial initiatives will carry through the rest of the year, even as the company absorbs a meaningful incentive-compensation headwind.</p>
<div class="lb-trans"><p>管理层将 2026 财年的调整后每股收益展望上调至之前 4.50 至 4.60 美元区间的高端，实际上引导投资者朝向 4.60 美元。此次上调反映了上半年超出预期的业绩，以及对运营改善和商业举措将在下半年持续发挥作用的信心，即使公司面临显著的激励性薪酬压力。</p>
</div><h2>Earnings and Cash Flow Underscore Quality of Growth</h2>
<div class="lb-trans"><h2>收益和现金流凸显增长质量</h2>
</div><p>Adjusted EPS rose 6.5% in the quarter, and year-to-date free cash flow climbed to $413 million, up 25%. Management highlighted this as evidence of high-quality earnings and improved cash generation, reinforcing the view that profitability gains are not merely accounting-driven but supported by real cash flow, giving Sysco flexibility for dividends, buybacks and M&amp;A.</p>
<div class="lb-trans"><p>调整后每股收益在本季度增长 6.5%，截至目前的自由现金流攀升至 4.13 亿美元，增长 25%。管理层强调这一点作为高质量收益和改善现金生成的证据，强化了盈利能力的提升不仅仅是会计驱动的，而是由真实的现金流支持，使 Sysco 在分红、回购和并购方面具备灵活性。</p>
</div><h2>Gross Profit and Margin Expansion Continue</h2>
<div class="lb-trans"><h2>毛利和利润率持续扩大</h2>
</div><p>Gross profit reached $3.8 billion, up 3.9% from a year ago, with gross margin expanding 15 basis points to 18.3%. The margin improvement was attributed to strategic sourcing initiatives and moderating inflation, which enhanced pricing discipline and product mix. This margin expansion, achieved in a subdued demand environment, points to structural improvements in Sysco’s merchandising and supply chain efficiency.</p>
<div class="lb-trans"><p>毛利达到 38 亿美元，同比增长 3.9%，毛利率扩大 15 个基点至 18.3%。利润率的改善归因于战略采购举措和温和的通货膨胀，这增强了定价纪律和产品组合。这一在需求疲软环境中实现的利润率扩张，表明 Sysco 在商品销售和供应链效率方面的结构性改善。</p>
</div><h2>International Segment Delivers Standout Growth</h2>
<div class="lb-trans"><h2>国际业务板块表现突出</h2>
</div><p>Sysco’s international segment was a clear outperformer, with sales up 7.3% on a reported basis and 9.9% excluding Mexico. Local case growth of 4.5% and adjusted operating income growth of roughly 25.6% marked the ninth consecutive quarter of double-digit operating income growth internationally. Management framed this as a key growth engine, with local-market strength and improved profitability in overseas operations helping balance softer conditions in parts of the U.S. business.</p>
<div class="lb-trans"><p>Sysco 的国际业务板块表现明显优于其他板块，销售额按报告基准增长 7.3%，不包括墨西哥则增长 9.9%。当地案例增长 4.5% 和调整后营业收入增长约 25.6% 标志着国际业务连续第九个季度实现双位数的营业收入增长。管理层将此视为关键增长引擎，当地市场的强劲和海外业务的盈利能力改善帮助平衡了美国部分业务的疲软状况。</p>
</div><h2>Improving U.S. Local Volume Momentum</h2>
<div class="lb-trans"><h2>美国本地销量势头改善</h2>
</div><p>U.S. Foodservice local case volume rose 1.2% in the quarter, a 140 basis point sequential improvement versus the prior quarter. Sysco expects this momentum to build, guiding to at least 2.5% local volume growth in both Q3 and Q4, with roughly 2.1% from organic growth and about 50 basis points from M&amp;A. This improving local volume trend is particularly important as local accounts are typically higher-margin and more resilient than large-chain business.</p>
<div class="lb-trans"><p>美国食品服务本地案例销量在本季度增长 1.2%，较上季度改善 140 个基点。Sysco 预计这一势头将继续增强，指导第三季度和第四季度本地销量至少增长 2.5%，其中约 2.1% 来自有机增长，约 50 个基点来自并购。这一改善的本地销量趋势尤为重要，因为本地客户通常利润率更高且比大型连锁业务更具韧性。</p>
</div><h2>Sales Force Strength and AI Adoption Boost Productivity</h2>
<div class="lb-trans"><h2>销售团队实力和人工智能应用提升生产力</h2>
</div><p>The company highlighted high sales colleague retention, at or above historical peaks, alongside strong onboarding of new customers and better customer retention. A key driver is AI360, Sysco’s CRM and AI platform, which has been live for about four months and is used weekly by over 95% of targeted users. Management cited a clear productivity lift among sales teams using AI360, suggesting that technology-enabled selling is becoming a durable competitive advantage.</p>
<div class="lb-trans"><p>公司强调销售同事的高留存率，达到或超过历史高点，同时新客户的强劲入驻和更好的客户留存率。一个关键驱动因素是 AI360，Sysco 的客户关系管理和人工智能平台，自上线约四个月以来，每周有超过 95% 的目标用户在使用。管理层指出，使用 AI360 的销售团队生产力明显提升，表明技术驱动的销售正在成为一种持久的竞争优势。</p>
</div><h2>Strategic M&amp;A and Robust Capital Returns</h2>
<div class="lb-trans"><h2>战略性并购和强劲的资本回报</h2>
</div><p>Sysco completed the tuck-in acquisition of Ginsburg Foods, which expands its scale in the Northeast. Ginsburg added about 10 basis points of growth in Q2 and is expected to contribute around 50 basis points in the second half. Management reaffirmed a shareholder-friendly capital allocation plan, targeting roughly $1 billion in dividends and about $1 billion in share repurchases for FY2026, with dividend per share growth of around 6% year over year. This mix of selective M&amp;A and sizable capital returns underscores confidence in the company’s balance sheet and cash generation.</p>
<div class="lb-trans"><p>Sysco 完成了对 Ginsburg Foods 的并购，这扩大了其在东北地区的规模。Ginsburg 在第二季度贡献了约 10 个基点的增长，预计在下半年将贡献约 50 个基点。管理层重申了以股东为中心的资本配置计划，目标是 2026 财年约 10 亿美元的分红和约 10 亿美元的股票回购，预计每股分红年增长约 6%。这一选择性并购和可观的资本回报的组合凸显了公司对其资产负债表和现金生成的信心。</p>
</div><h2>Industry Softness: Restaurant Traffic Under Pressure</h2>
<div class="lb-trans"><h2>行业疲软：餐厅客流承压</h2>
</div><p>Despite Sysco’s solid execution, management was candid about a weak demand backdrop. Industry restaurant traffic, based on Black Box data, declined more than 200 basis points year over year and about 230 basis points sequentially. This pressure on traffic is weighing on overall industry demand and represents a key macro headwind. Sysco’s results therefore reflect not a booming end-market, but share gains and operational discipline against a soft industry backdrop.</p>
<div class="lb-trans"><p>尽管 Sysco 的执行力稳健，管理层对疲弱的需求背景表示坦诚。根据 Black Box 的数据，行业餐厅客流同比下降超过 200 个基点，环比下降约 230 个基点。这一客流压力对整体行业需求造成了影响，并构成了一个关键的宏观逆风。因此，Sysco 的业绩反映的并不是一个繁荣的终端市场，而是在疲软的行业背景下的市场份额增长和运营纪律。</p>
</div><h2>National Restaurant Segment Weakness Weighs on Mix</h2>
<div class="lb-trans"><h2>全国餐厅板块的疲软影响了组合</h2>
</div><p>Volumes in Sysco’s national contract restaurant segment declined year over year, reflecting broader pressure on large chains. This weakness partially offset strength in other verticals such as Foodservice Management, Travel &amp; Entertainment and healthcare. The mixed performance highlights the company’s diversified customer base, but also underscores that national chains remain a drag relative to healthier segments.</p>
<div class="lb-trans"><p>Sysco 的全国合同餐厅板块的销量同比下降，反映出大型连锁店面临的更广泛压力。这一疲软部分抵消了食品服务管理、旅行与娱乐及医疗保健等其他领域的强劲表现。混合表现突显了公司的客户基础多样化，但也强调了全国连锁店相较于更健康的板块仍然是一个拖累。</p>
</div><h2>Incentive Compensation Headwinds Cloud Comparisons</h2>
<div class="lb-trans"><h2>激励薪酬的阻力影响比较</h2>
</div><p>A notable drag on current-year profitability is the lapping of unusually low incentive compensation in the prior year. For FY2026, management quantified an approximately $100 million headwind, or about $0.16 per share, tied to this factor. The impact will be most pronounced in Q3 (around $63 million) and Q4 (about $11 million). While non-operational in nature, this headwind complicates year-over-year comparisons and partially masks underlying earnings growth.</p>
<div class="lb-trans"><p>当前年度盈利能力的一个显著拖累是与前一年异常低的激励薪酬的对比。对于 2026 财年，管理层量化了大约 1 亿美元的阻力，或每股约 0.16 美元，与此因素相关。影响将在第三季度（约 6300 万美元）和第四季度（约 1100 万美元）最为明显。尽管这一因素本质上与运营无关，但它使得年度比较变得复杂，并在一定程度上掩盖了潜在的盈利增长。</p>
</div><h2>Local Drop Size and Mix Dynamics</h2>
<div class="lb-trans"><h2>本地投放规模和组合动态</h2>
</div><p>Local drop size—essentially the value per delivery—was modestly lower, down about 1% in the quarter. Even with better case volumes and salesforce productivity, smaller drop sizes can pressure per-order economics and limit operating leverage. Management acknowledged this as a watch point, suggesting that optimising mix and order economics remains a priority to sustain margin expansion.</p>
<div class="lb-trans"><p>本地投放规模——基本上是每次交付的价值——在本季度略有下降，下降约 1%。即使在更好的案例量和销售团队生产力的情况下，较小的投放规模仍可能对每单经济产生压力，并限制运营杠杆。管理层承认这是一个需要关注的点，建议优化组合和订单经济仍然是维持利润扩张的优先事项。</p>
</div><h2>Leverage Slightly Above Target Range</h2>
<div class="lb-trans"><h2>杠杆略高于目标范围</h2>
</div><p>Sysco ended the quarter with net debt leverage of 2.86x, slightly above its target range of 2.5x to 2.75x. While not alarming, the elevated leverage does constrain near-term flexibility somewhat relative to the stated goal. Management reiterated its intent to bring leverage back within the target band over time, balancing investment, M&amp;A and substantial shareholder returns.</p>
<div class="lb-trans"><p>Sysco 在本季度结束时的净债务杠杆为 2.86 倍，略高于其目标范围的 2.5 倍至 2.75 倍。虽然并不令人担忧，但较高的杠杆确实在一定程度上限制了短期灵活性。管理层重申其意图在未来将杠杆恢复到目标区间内，平衡投资、并购和可观的股东回报。</p>
</div><h2>Operating Expenses and Corporate Cost Trends</h2>
<div class="lb-trans"><h2>运营费用和企业成本趋势</h2>
</div><p>Adjusted operating expenses were $3 billion, or 14.4% of sales, up 15 basis points year over year. Corporate adjusted expenses increased 3.8%, driven by planned investments and the incentive-compensation normalization. Importantly, excluding incentive compensation, corporate costs were approximately flat, indicating that the company is maintaining cost discipline while still investing in growth initiatives like technology and commercial capabilities.</p>
<div class="lb-trans"><p>调整后的运营费用为 30 亿美元，占销售额的 14.4%，同比上升 15 个基点。企业调整后的费用增加了 3.8%，主要受计划投资和激励薪酬正常化的推动。重要的是，排除激励薪酬后，企业成本基本持平，表明公司在保持成本纪律的同时，仍在投资于技术和商业能力等增长举措。</p>
</div><h2>Guidance and Outlook: Growth Despite Headwinds</h2>
<div class="lb-trans"><h2>指导和展望：尽管面临阻力仍有增长</h2>
</div><p>Sysco’s updated FY2026 guidance calls for net sales growth of about 3%–5% to roughly $84–$85 billion, assuming around 2% inflation, and adjusted EPS at the high end of the prior range, or about $4.60. Excluding the roughly $100 million incentive-comp headwind, management expects adjusted EPS growth of about 5%–7%. The company projects U.S. local case growth of at least 2.5% in both Q3 and Q4, with at least 2.1% organic and about 50 basis points from M&amp;A. Sysco signaled comfort with consensus Q3 EPS of $0.94 and guided adjusted D&amp;A to about $820 million for the year, with roughly $210 million in each of the next two quarters. Capital allocation plans include resuming share repurchases in Q3 (around $1 billion planned), maintaining about $1 billion in dividends with mid-single-digit growth per share, and working leverage back into the 2.5x–2.75x target range, supported by $413 million of year-to-date free cash flow and roughly $2.9 billion in liquidity.</p>
<div class="lb-trans"><p>Sysco 更新的 2026 财年指导预计净销售增长约为 3%–5%，达到约 840 亿至 850 亿美元，假设通胀约为 2%，调整后的每股收益在之前范围的高端，约为 4.60 美元。排除大约 1 亿美元的激励薪酬阻力，管理层预计调整后的每股收益增长约为 5%–7%。公司预计第三季度和第四季度美国本地案例增长至少为 2.5%，其中至少 2.1% 为有机增长，约 50 个基点来自并购。Sysco 对共识第三季度每股收益 0.94 美元表示满意，并指导调整后的折旧和摊销约为 8.2 亿美元，未来两个季度各约为 2.1 亿美元。资本配置计划包括在第三季度恢复股票回购（计划约 10 亿美元），维持约 10 亿美元的股息，每股中等个位数增长，并将杠杆恢复到 2.5 倍至 2.75 倍的目标范围，支持来自 413 百万美元的年初至今自由现金流和约 29 亿美元的流动性。</p>
</div><p>Sysco’s earnings call painted a picture of a company executing well in a tougher macro environment, using margin discipline, international growth, technology-driven productivity and targeted M&amp;A to overcome weak restaurant traffic and national chain softness. While incentive compensation, slightly elevated leverage and small-drop dynamics remain areas to monitor, the raised guidance and strong cash generation suggest that Sysco is positioned to deliver steady earnings growth and meaningful shareholder returns, even if the broader foodservice market remains subdued.</p>
<div class="lb-trans"><p>Sysco 的财报电话会议描绘了一幅在更艰难的宏观环境中表现良好的公司的图景，利用利润纪律、国际增长、技术驱动的生产力和有针对性的并购来克服餐厅流量疲软和全国连锁的疲软。尽管激励薪酬、略高的杠杆和小投放动态仍然是需要关注的领域，但提高的指导和强劲的现金生成表明，Sysco 有能力实现稳定的盈利增长和可观的股东回报，即使更广泛的餐饮服务市场仍然低迷。</p>
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西斯科财报电话会议：在行业疲软的背景下利润率有所增长