Aramark (NYSE: ARMK) announced first-quarter fiscal 2021 results today, reporting declining year-over-year revenue and a loss in the latest earnings period as the pandemic continued to apply downward pressure on the company's foodservice business.
Philadelphia-headquartered Aramark posted a first-quarter loss of $0.32 a share, compared with a profit of $0.57 a share the prior year. The net loss attributable to Aramark's shareholders was $81.2 million, compared with net income of $145.8 million in the prior-year quarter. The company’s adjusted loss was $0.31 a share.
Aramark’s revenue declined to $2.74 billion, from $4.25 billion a year earlier. Analysts were expecting revenue of $2.73 billion. The company said its U.S. food business revenue fell 45% to $1.45 billion. International foodservice revenue declined 27% to $694 million.
Aramark’s uniform and career apparel division was more steady, with growing demand in safety and hygiene services, offset by increased government-imposed restrictions particularly in Canada. The division’s year-over-year revenue declined 10% to $604 million.
"The resilience of our business through this dynamic period is rooted in the exceptional performance of our people on the front-lines, serving clients – many of which are essential businesses – across the globe," said Aramark chief executive John Zillmer. "It has been remarkable to watch our team pull together in the face of such adversity, and I am proud of what we have been able to achieve as a result. Our ability to stabilize revenue, improve cash flow and maintain a steadfast commitment to cost discipline, has enabled us to navigate the Covid environment with a strong liquidity position and we believe Aramark is poised for success as the recovery across our business segments occurs."
Click here to see Aramark’s full news release and condensed consolidated statements.
