Aramark Q4 Adj. EPS Meets Estimates; Boosts Dividend 15%
(RTTNews) - Aramark (ARMK) reported Tuesday that net income for the fourth quarter soared to $205.43 million or $0.78 per share from $75.80 million or $0.29 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.64 per share, compared to $0.47 per share in the year-ago quarter.
Consolidated revenue for the quarter increased 11.64 percent to $4.90 billion from $4.39 billion in the same quarter last year. Organic revenue, which adjusts for the effect of currency translation, grew 11.21 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share on revenues of $4.79 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects adjusted earnings per share growth of 25 to 35 percent on organic revenue growth of 7 to 9 percent.
Aramark's Board of Directors approved a 15 percent increase to its pro rata portion of the pre-spin quarterly dividend. The dividend of 9.5 cents per common share will be payable on December 8, 2023, to stockholders of record at the close of business on November 28, 2023.
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