Food distributor, Sysco Corporation (NYSE:SYY), announced earnings for this morning. Sales came in at $11.6 billion, a 5 percent increase from the $11 billion reported in the same quarter of fiscal 2012. Operating income was $460 million, a decrease of 10.8 percent in comparison to $515 million in last year’s quarter. EPS were $0.47, which was 11.3 percent lower compared to $0.53 in 2012. Sales for the year were $44.4 billion, an increase of 4.8 percent from $42.4 billion in fiscal 2012. Operating income decreased 12.3 percent, coming in at $1.7 billion. Diluted EPS was $1.67, which was 12.1 percent lower compared to $1.90 in 2012. Cash flow from operations increased 7.6 percent to $1.5 billion. Free cash flow increased 62 percent to $1.0 billion.

“Fiscal year 2013 was a year of transition for Sysco where we made good progress on our multi-year business transformation initiatives. With that said, our financial results announced this morning fell short of our expectations as weak restaurant traffic continued to challenge many of our customers,” said Bill DeLaney, Sysco’s President and Chief Executive Officer. “While overall sales grew acceptably by about 5 percent for both the fourth quarter and full fiscal year and our cost per case metrics improved as the year progressed, we were unable to grow our gross profit at planned levels due in part to ongoing competitive pressures and a shift in customer mix. Looking forward to fiscal 2014, our earnings performance trends should gradually improve as we realize more of the benefits of our business transformation initiatives and further leverage the capabilities of both our strengthened senior management team and our 48,000 customer focused associates.”

Battle Creek, Michigan-based Kellogg Company (NYSE:K) announced third-quarter earnings this morning that saw net sales that were essentially flat. Q3 sales came in at $3.7 billion, the same reported for Q3 of 2012. Reported quarterly operating profit was $504 million, a decline of 1.7 percent. Net earnings were $326 million, or $0.90 per diluted share, an increase of $0.01 from the third quarter of 2012. Adjusted diluted EPS came in at $0.49, which was flat with last year’s third-quarter EPS figure. Analysts were expecting quarterly EPS of $0.48.

“We are excited by the potential and opportunities we see for growth in the categories in which we operate,” said John Bryant, Kellogg Company’s president and chief executive officer. “As a result, we are making the difficult decisions necessary to address structural cost-saving opportunities which will enable us to increase investment in our core markets and in opportunities for future growth. These actions will set a foundation for our Sustainable Growth operating principle.”

Diversified holding company, Icahn Enterprises LP (NASDAQ:IEP) saw shares jump by over 5.5 percent this morning on the release of its Q3 earnings. The company reported third-quarter net income of $472 million, or $4.10 per LP unit, which is up from $0.75 in the same quarter for 2012. Adjusted EBITDA was $716 million for the third-quarter of 2013, up 43 percent from last year. IEP also announced Quarterly Dividend of $1.25 per Depositary Unit. Indicative net asset value jumped 33 percent for the nine months ended September 30, 2013.

Mr. Icahn stated, “I believe that by far the best method to utilize in investing is the ‘Activist’ model. I have spent a great deal of time and effort perfecting its use and I am happy to say that IEP has been a beneficiary of this. An investment in IEP stock made at the beginning of 2000 has increased by approximately 1,500%, or an average annual return of 22%, through October 31, 2013. But perhaps more compelling is that since April 1, 2009, when the economic recovery started: 1) an investment in IEP stock resulted in a total return of 347%, or an average annual return of 39%, through October 31, 2013, and 2) IEP’s indicative net asset value has increased during this period by 282%, or an average annual return of 35%, through September 30, 2013.   Most importantly to current IEP unit holders is that in my opinion there has never been a better time than today for activist investing, if practiced properly.”

Disclosure: Author represents that she has no position in any stocks mentioned in this article at the time this article was submitted.