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Nov. 16, 2021, 6:50 a.m. EST

Aramark earnings rose above forecasts, sees revenue approaching pre-COVID levels by end of next year

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By Tomi Kilgore

Aramark /zigman2/quotes/204468030/composite ARMK +0.41% reported Tuesday a big fiscal fourth-quarter profit beat and revenue that rose above forecasts. Although the food, facilities and uniform services company still expects a negative COVID impact of an estimated $1.6 billion to $1.9 billion in fiscal 2022, revenue should approach pre-COVID levels by the end of the year, helped by new business and pricing pass throughs. The company swung to net income of $35.4 million, or 14 cents a share, from a loss of $148.6 million, or 59 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 56 cents from 21 cents, well above the FactSet consensus of 19 cents. Revenue grew 31.9% to $3.55 billion, beating the FactSet consensus of $3.29 billion, as U.S. food and support services (FSS) revenue grew 51.4% to $2.16 billion and uniform and career apparel revenue slipped 1.7%. International FSS revenue increased 21.6% to $765 million. Aramark's stock, which was still inactive in premarket trading, has slipped 1.3% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.24% has gained 24.7%.

/zigman2/quotes/204468030/composite
US : U.S.: NYSE
$ 33.09
+0.14 +0.41%
Volume: 377,359
Jan. 28, 2022 12:02p
P/E Ratio
N/A
Dividend Yield
1.33%
Market Cap
$8.45 billion
Rev. per Employee
$48,715
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/zigman2/quotes/210599714/realtime
US : S&P US
4,380.31
+53.80 +1.24%
Volume: 1.21B
Jan. 28, 2022 12:03p
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