ARAMARK Holdings beats by $0.02, reports revs in-line; reaffirms FY17 guidance; authorizes a $250 mln share repurchase program:
- Reports Q1 (Dec) earnings of $0.55 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.53; revenues rose 0.7% year/year to $3.73 bln vs the $3.72 bln Capital IQ Consensus.
- Results were driven by organic revenue growth across all three segments. The North America segment was positively impacted by new business in Sports, Leisure and Corrections and continued growth in Education, partially offset by revenue declines in Healthcare and a less favorable Major League Baseball playoff schedule. The International segment continued to deliver solid organic growth, partially offset by previously announced strategic portfolio actions. Uniform sales increased despite energy headwinds.
- Co reaffirms guidance for FY17, sees EPS of $1.85-1.95, excluding non-recurring items, vs. $1.89 Capital IQ Consensus Estimate. The Company is now expecting improved full-year free cash flow of greater than $350 million.
- The Board has authorized the repurchase of up to $250 million of Aramark's common stock over the next two years.
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