Sysco Continues Hitting New Highs Following Earnings Release

SYSCO Corporation (NYSE: SYY) reported its second quarter results before Monday's market open, which helped boost the stock to a new 52-week high.

Sysco earned $0.48 per share in the fourth quarter on revenue of $12.2 billion. Wall Street analysts were expecting the company to earn $0.41 per share on revenue of $12.14 billion.

Gross profit for the quarter rose 3.4 percent from a year ago to $2.2 billion, while total gross profit for the first two quarters of the year rose 2.8 percent from a year ago to $4.4 billion.

"I am very pleased with our second quarter results," said Bill DeLaney, Sysco chief executive officer. "We achieved strong local case growth, while managing gross margins well and also containing operating expense growth. Through the first six-months of the year, we are on-track to achieve our financial objectives for the first year of our three-year plan."

Shares of Sysco opened for trading at $41.75 on Monday. The stock saw strong buying momentum throughout the entire day and hit a new 52-week high of $43.35. With less than one hour remaining in Monday's trading session, the stock was trading at $43.18 - up 8.47 percent on the day.