- Wednesday, October 16, 2024
Aramark, the food, facilities, and uniform-services company, has reported a significant increase in earnings for its fiscal third quarter. The company's revenue rose by 15% due to higher prices.
In Q3, Aramark recorded a profit of $338.5 million, or $1.29 per share, compared to $40.3 million, or 16 cents per share, in the same period last year. Adjusted earnings, excluding one-time items, were 36 cents per share, surpassing the expectations of analysts surveyed by FactSet, who had predicted 34 cents per share.
Quarterly revenue reached $4.75 billion, up from $4.13 billion in the previous year, exceeding analyst forecasts for $4.59 billion. Aramark attributed this growth to higher prices, new business ventures, and expansion within its existing customer base.
The company's margins also improved due to enhanced supply chain efficiency and effective cost management strategies. Aramark's CEO, John Zillmer, noted that inflationary pressures are easing, and the company's pricing initiatives have proven successful.
This impressive performance showcases Aramark's ability to navigate challenges within the industry while capitalizing on growth opportunities.
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