Aramark Holdings Corporation, the $14 billion global provider of award winning services in food, facilities management, and uniforms, reported second quarter 2014 results with strong sales, solid adjusted operating income growth and several key account wins.
KEY SECOND QUARTER HIGHLIGHTS
-Sales of $3.5 billion, with organic growth of 4%;
-Adjusted operating income of $197.8 million up 6%, operating income of $120.8 million;
-Adjusted net income of $75.2 million, net income of $13.1 million;
-Adjusted earnings per share of $0.31, earnings per share of $0.05;
-Quarterly dividend declared.
KEY YEAR-TO-DATE HIGHLIGHTS
-Sales of $7.3 billion, with organic growth of 5%;
-Adjusted operating income of $457.4 million up 12%, operating income of $278.0 million.
"I am pleased to report strong business results for the second quarter and first half of 2014," said Eric J. Foss, President and Chief Executive Officer. "We experienced growth across all segments and continued our journey to improve profitability. We are investing for the future by building the Aramark brand and ensuring our front-line associates have the training, tools, and technology to build a strong connection with our customers and consumers. We remain confident in our ability to drive continued growth and shareholder value."
SECOND QUARTER RESULTS
Sales were $3.5 billion versus $3.4 billion in the second quarter of 2013, with organic growth of 4%. Adjusted operating income was $197.8 million versus $187.3 million last year, an increase of 6%. Unusually severe winter weather during the quarter affected results at a number of client locations.
Adjusted net income for the quarter was $75.2 million or $0.31 per share, versus adjusted net income of$53.6 million or $0.26 per share in the second quarter of 2013. The diluted share count in the second quarter was 243.4 million shares, up from 208.6 million shares in the same period last year, primarily as a result of the company's initial public offering this past December.