UPDATE 2-Sysco Q2 profit beats Street; eyes acquisitions

lunedì 2 febbraio 2009 20:15
 

* Says interested in acquisitions

* Q2 profit beats est by 2 cents

* Q2 rev drops 1 pct

* Sees further sales drop for balance of fiscal year

* Shares rise 6 pct (Recasts; adds background, comments from conference call, share movement)

BANGALORE, Feb 2 (Reuters) - Food distributor Sysco Corp (SYY.N: Quotazione) posted a quarterly profit that topped analysts' average estimate as lower stock-option expense partially offset higher costs related to pension and company-owned insurance, sending its shares up as much as 6 percent.

The company, which has grown by buying smaller companies to become one of the largest food distributors, said on a conference call with analysts that it was interested in making acquisitions.

A company executive said a number of smaller distributors were now interested in talking to Sysco about "folding in."

The company, which distributes food and other supplies to restaurants, cafeterias and other food-service outlets, however, warned that it expects a further decline in sales for the balance of this year.   Continua...