BUZZ - Sysco shares fall after lowering annual sales forecast

November 3 - ** Shares of food distributor Sysco (SYY.N) fell about 5% in pre-market trading to $77.80

** Full-year sales growth is expected to be at the lower end of the 6% to 7% range, and adjusted earnings per share growth is maintained in the 9% to 11% range

** First-quarter net sales were $21.74 billion, missing the LSEG-compiled estimate of $22.02 billion

** First-quarter adjusted earnings per share rose 3.5%, in line with the $1.19 expected

** “Looking ahead, we remain confident in our net cost savings target enabled by artificial intelligence technology, including our $100 million savings projection in the 2027 fiscal year guidance, with related benefits expected to accelerate in the second half of the year,” said CEO Kevin Hourican

** The company appointed interim Chief Financial Officer Brandon Sewell as the new CFO

** As of the close of the previous trading day, the stock had gained about 11% year to date

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