Aramark Services (NYSE:ARMK) shares rose 8% since the company reported its Q2 earnings results, with EPS coming in at $0.28, better than the Street estimate of $0.26. Revenue was $4.6 billion, beating the Street estimate of $4.39 billion.
Furthermore, there was a wide-ranging increase in revenue throughout the company’s portfolio and geographical locations. With regards to the planned Uniform spin-off, the company maintains its expectation of completing the transaction by fiscal year 2023.
Lastly, the company maintained its commitment to deleveraging the balance sheet and expects leverage to be below 4.0x by fiscal year-end aided by free cash flow guidance of approximately $300 million and earnings growth.