American firm Aramark's revenue soars 8% to $4.4 bn in Q3 FY24

Aramark, a leading US-based firm in uniform services, has reported consolidated revenue of $4.4 billion for the third quarter of fiscal 2024 (Q3 FY24), marking an 8% increase year-over-year (YoY). When adjusted for the effect of currency translation, organic revenue grew by an impressive 11% compared to the same period last year.

The company's operating income saw a substantial 22% YoY increase, rising to $162 million. Adjusted operating income (AOI) also experienced significant growth, up 21% to $193 million. This growth in operating income translated to an operating income margin increase of 42 basis points and an AOI margin increase of 38 basis points YoY, the company said in a press release.

Earnings per share (EPS) showed mixed results. GAAP EPS decreased by 80% to $0.22, while adjusted EPS increased by 51% to $0.31.

“We continued our record-breaking performance in the third quarter, setting new highs in revenue and income for the Company,” said John Zillmer, Aramark’s chief executive officer. “Third quarter organic revenue growth was broad-based, coming from virtually all lines of business and every country in the portfolio. Our multiple operating levers drove profitability as we scaled higher sales volume, managed costs effectively, and achieved supply chain efficiencies—all while benefiting from an inflation tailwind.”

Fibre2Fashion News Desk (DP)