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November 21, 2019

Aramark reports $16.2bn revenue for 2019

US-based foodservice company Aramark has reported revenue of $16.2bn for the full year fiscal 2019 (FY2019) ended on 27 September.

US foodservice company Aramark has reported revenue of $16.2bn for the full fiscal year 2019 (FY2019) ended on 27 September.

The revenue, on a GAAP basis, grew by 2.8% compared to $15.5bn last year.

The catering company has also reported an operating income of $891m, up 9% from $818m for the same period the previous year.

Also, net income attributable to Aramark stockholders was $449m, compared to $568m for the same quarter of 2018. Diluted earnings per share were at $1.78, while diluted earnings per share were $2.24 for fiscal 2018.

Aramark chief executive officer John Zillmer said: “Aramark is an iconic company with a promising future. I am incredibly inspired by the many talented field leaders and valued client partners I have met in just 45 days back with the company.

“My immediate priority is to elevate the company’s hospitality culture and drive the business forward in a way that unlocks meaningful value for all stakeholders.”

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During the fourth quarter, consolidated revenue saw an increase of 1% to $4bn over the prior year.

The company’s operating income was $206m, net income attributable to Aramark stockholders was $86m and diluted earnings per share were $0.34 during the quarter.

In its 2020 outlook guidance, the company expects free cash flow generation of at least $600m and organic revenue growth of approximately 3%.

Zillmer added: “I am confident that now is the time to pursue a more accelerated revenue growth strategy, while appropriately balancing other important financial drivers. We expect to initiate targeted investments that will support new account sales efforts and client retention; enhanced product and service offerings; and value-added innovation and technology.

“Our diverse portfolio affords us the financial flexibility to activate this strategic approach while simultaneously propelling business performance. I look forward to working with the Board as we chart our dynamic path forward.”

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