Vending

Aramark lifts Q4, FY 2023 results, beats expectations

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November 14, 2023

Aramark Corp. lifted its Q4 and FY 2023 sales and earnings over the prior year periods, surpassing analyst revenue expectations, according to an earnings report.

Highlights include:

• Revenue rose from $3.9 billion in Q4 2022 to $4.9 billion in the quarter ending Sept. 29, 2023.
• Net income rose from $75.4 million to $205.4 million in the comparative quarters.
• EPS rose from 29 cents to 79 cents on a basic basis and from 29 cents to 78 cents on a diluted basis.
• Adjusted EPS rose 34% to 64 cents.
• U.S. food and facility service revenue rose 10% from $2.78 billion to $3.07 billion.
• International food and facility service revenue rose 19% from $935 million to $1.13 billion.
• For the full year, revenue rose from $16.3 billion to $18.85 billion.
• Full year net income rose from $194.2 million to $673.53 million.
• Full year EPS rose from 76 cents to $2.59 on a basic basis and from 75 cents to $2.57 on a diluted basis.
• Full year adjusted EPS rose 50% to $1.70.
• Full year U.S. food and facility service revenue rose 15% from $10.03 billion to $11.72 billion.
• Full year food and facility service revenue rose 24% from $3.65 billion to $4.36 billion.

Shares traded today at $26.49 against a 52-week range of $23.95 to $45.72.

The $4.9 billion in quarterly revenue beat analyst expectations by $110 million while the non-GAAP EPS of 64 cents was in line with expectations, according to Seeking Alpha.

"This year represented a significant step forward in achieving our strategic and financial goals," John Zillmer, CEO, said in a press release "Our hospitality, field-focused culture generated a third consecutive year of strong net new business, with rising revenue and AOI (adjusted operating income) resulting in significant adjusted EPS growth."