Aramark Shares Gain on Higher Organic Rev Outlook for the Year

Dow Jones08-11

$Aramark(ARMK-W)$ shares climbed after the company raised its organic revenue outlook for the year and posted quarterly results ahead of expectations.

The stock rose 10% to $61.17 on Tuesday. Shares are up 67% this year.

The food services and facilities management company now expects organic revenue to increase 9% to 10%, up from its previous guidance of 7% to 9% growth, executives said on a call with analysts.

The outlook came as Aramark's fiscal third-quarter consolidated revenue increased 9% to $5.06 billion. That was ahead of analysts' projection of $4.94 billion, according to FactSet.

Profit rose to $97.7 million, or 36 cents a share, from $71.8 million, or 27 cents a share, the year before.

Adjusted earnings per share of 52 cents were above analysts' estimate of 48 cents.

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