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US firm Aramark's revenue surges 7% to $4.2 bn in Q2 FY24

10 May '24

2 min read

Aramark, a leading US-based firm in uniform services, has reported a consolidated revenue of $4.2 billion in the second quarter of fiscal 2024 (Q2 FY24). This marks a 7 per cent increase compared to the same period last year, driven by significant growth in base business volume, strategic pricing actions, and an expansion in net new business. Despite the adverse effect of currency translation, which reduced revenue by $84 million, the company still managed to achieve a commendable revenue increase.

The company also reported a substantial growth in organic revenue, which rose by 9 per cent year-over-year, after adjusting for the impact of currency translation, the company said in a press release.

Operating income saw an impressive 27 per cent increase from the previous year, reaching $159 million. Similarly, adjusted operating income (AOI) rose by 29 per cent to $187 million. These increases contributed to a notable improvement in profitability margins, with the operating income margin expanding by 59 basis points and the AOI margin by 69 basis points over the prior year.

Earnings per share (EPS) also saw significant gains, with GAAP EPS soaring by 271 per cent to $0.20, and adjusted EPS increasing by 79 per cent to $0.29.

“The company’s strong momentum continued across the business, generating record revenue for any second quarter in our history in both the FSS US and international segments, as well as record second quarter profit in International,” said John Zillmer, Aramark’s chief executive officer.

Fibre2Fashion News Desk (DP)

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