By Aramark, the food, facilities, and uniform-services company, experienced a significant increase in sales during the fiscal first quarter. The company’s profit for the three-month period ending on December 29 was $28.5 million, or 11 cents per share, compared to $74.2 million, or 28 cents per share, in the same quarter the previous year.
Adjusting for one-time items, Aramark’s adjusted earnings were 41 cents per share, surpassing analyst estimates of 36 cents per share, as reported by FactSet. The company’s quarterly revenue saw a substantial jump from $3.91 billion last year to $4.41 billion this year, exceeding the projected $4.29 billion forecasted by analysts.
The impressive growth in revenue was primarily driven by an increase in base business volume, higher prices, and net new business growth. However, the company’s bottom line did not include the $35.6 million in income from discontinued operations that was present in the previous year’s quarter.
Based in Philadelphia, Aramark has raised its adjusted earnings outlook for fiscal 2024. It now expects at least a 30% growth to the lower end of its guidance range, as opposed to the previously projected 25% growth.
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