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Aramark Q2 Sales Nudge Up 1%; Foodservice Firm Increases 2017 Outlook

by Aramark Press Release
Posted On: 5/10/2017

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TAGS: Eric J. Foss, Aramark 2017 second quarter, vending, food service

PRESS RELEASE

Source: Aramark | Released May 9, 2017

ARAMARK'S SECOND-QUARTER HIGHLIGHTS:
» Sales +1%; Organic Sales +2%
» Operating Income +11%; Adjusted Operating Income (AOI) +5%
» EPS +4% to $0.28; Adjusted EPS +15%(1) to $0.45
» Operating Income Margin up 50 bps to 5.3%; AOI Margin up 20 bps to 6.4%
» Improved Full-Year 2017 Outlook

PHILADELPHIA--May 9, 2017-- Aramark today reported second quarter fiscal results. "We delivered another quarter of strong performance, as we continue to execute on our focused strategy," said Eric J. Foss, Chairman, President and CEO. "Our reinvestments to drive growth, enhance quality and optimize productivity are generating solid returns as we consistently raise the bar to create a consumer-centric product portfolio and deliver a great customer experience."

Foss also noted: "I am pleased to announce that we have completed a significant refinancing, which improved our financial flexibility and lowered future interest expense. Based on the outcome of this refinancing, as well as our continued confidence in our operational performance, we are increasing our full-year outlook."

Consolidated revenues were $3.6 billion in the quarter, an organic increase of 2% over the prior-year period. The North America segment was positively impacted by growth in Sports, Leisure and Corrections, Business & Industry and Education. The International segment delivered strong, broad-based organic growth, while Uniform sales were down modestly as expected.

The company delivered strong, broad-based productivity improvements in North America and International base accounts, while also reinvesting in technology and capabilities. Uniform income was comparable to the prior-year period.

Second Quarter Summary

On a GAAP basis, sales were $3.6 billion, operating income was $191 million, net income attributable to Aramark stockholders was $70 million and diluted s per share were $0.28. This compares with the second quarter of 2016 when, on a GAAP basis, sales were $3.6 billion, operating income was $172 million, net income attributable to Aramark stockholders was $66 million and diluted earnings per share were $0.27. Second quarter GAAP diluted earnings per share increased 4% year-over-year

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