2023-08-08 12:56:49 ET
Aramark ( NYSE: ARMK ) rose 4.8% on Tuesday after reporting quarterly earnings.
Fiscal third-quarter EPS of $0.36 beat the average analyst estimate by $0.02, while revenue of $4.75B beat by $160M.
“The company anticipates improved profitability in the near- and longer-term,” ARMK said in a statement.
"Aramark's third quarter results reflect our continued focus on profitable growth across the organization," Chief Executive Officer John Zillmer said in a statement.
"With signs of inflation moderating, and our pricing actions taking hold, we are increasingly confident in the ramp in profitability as we finish the fiscal year.”
Aramark ( ARMK ) today also announced the board of directors for Aramark Uniform Services ( AUS ), the independent public company that will be formed following a spin-off.
The transaction is expected to be completed at the end of the company’s fiscal year and is intended to be tax-free to Aramark ( ARMK ) and its stockholders.
ARMK has five Strong Buy ratings from Wall Street analysts, two Buys, eight Holds and one Sell.
ARMK is down 3.7% so far this year and up 13% in the past 12 months.
More on Aramark:
- Aramark Non-GAAP EPS of $0.36 beats by $0.02, revenue of $4.75B beats by $160M
- Aramark - The Investment Finally Pays Off, But Future Is More Difficult (Rating Downgrade)
- Aramark declares $0.11 dividend
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Aramark trades higher after beating quarterly estimates; AUS spin-off imminent