Sysco Corp. (NYSE: SYY) reported fourth fiscal-quarter and full-year 2015 results before markets opened Monday. For the quarter, the food distributor posted quarterly adjusted diluted earnings per share (EPS) of $0.52 on revenues of $12.4 billion. In the same period a year ago, the company reported EPS of $0.50 on revenues of $12.29 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.51 and $12.7 billion in revenues.

For the full year, Sysco reported revenues of $48.7 billion and EPS of $1.84, compared with 2014 revenues of $46.52 billion and EPS of $1.76. Analysts were looking for EPS of $1.82 on revenues of $48.99 billion.

The company’s proposed merger with U.S. Foods was terminated in late June following a court ruling upholding a Federal Trade Commission (FTC) request for a preliminary injunction to block the transaction. For the quarter, Sysco recorded $312.5 million in break-up fees to U.S. Foods and Performance Food Group.

CEO Bill DeLaney said:

[W]e delivered solid earnings growth on an adjusted basis by providing our customers with excellent service, growing our business with both our locally and corporate managed customers, and stabilizing our gross margins by successfully implementing several value-added commercial initiatives. Our expense management improved in the fourth quarter and contributed to our six percent growth in adjusted operating income. … As previously announced, we plan to repurchase an incremental $3 billion in Sysco shares over the next two years, including $1.5 billion through an accelerated share repurchase in Fiscal 2016. We will also continue to further evaluate opportunities to optimize our capital structure.

Adjusted operating income for the year rose 3.4% to $1.8 billion, though expenses rose 4.8% to $2.1 billion. On a GAAP basis, operating income fell from $424.5 million in fiscal 2014 to $121 million. On an adjusted basis, excluding break-up fees and other items, operating income rose 5.8% to $509.25 million.

The stock was trading up about 1.4% Monday morning, at $37.45 in a 52-week range of $35.45 to $41.45. The consensus price target on the stock is $39.67.

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