Aramark ( NYSE: ARMK ) shares rose sharply in pre-market trading after the company reported a significant increase in revenues for its fiscal third quarter.
The food, facilities, and uniform services provider posted $0.25 in adjusted EPS for the third quarter, one cent above expectations, alongside a 38.3% leap in revenue to $4.12B. The latter figure came in $310M above estimates, pushing above pre-COVID levels across all business segments due to strong pricing and “record-level net growth.”
“I'm pleased to share that our fiscal third quarter results represented a significant milestone as revenue surpassed pre-COVID fiscal 2019 levels across all three business segments,” CEO John Zillmer said. “We continued to accelerate net new business growth and expand margins despite the inflationary environment, which is a testament to Aramark’s focus on operational excellence.”
For the full-year, the company now anticipates organic revenue growth to hit a range of 31% to 32%, annualized Net New Business of $725M to $775M. In the second quarterm the Philadelphia-based company had previously forecast 27% and a range of $650M to $750M, respectively in the second quarter.
Shares rose 2.01% shortly after the results were posted.
Read more on the details of the results .
For further details see:
Aramark stock rises on revenue surge, raised forecasts