WILMINGTON, Mass. – UniFirst Company (NYSE: NYSE:) reported a strong third quarter, surpassing analyst expectations with an earnings per share (EPS) of $2.03, which was $0.17 larger than the consensus estimate of $1.86.
The corporate’s income additionally exceeded forecasts, reaching $603.5 million towards a predicted $601.17 million. Following the announcement, UniFirst’s inventory worth climbed by 6.8%.
The corporate’s third-quarter outcomes confirmed a major enchancment in comparison with the identical interval final 12 months, with consolidated revenues rising by 4.6%. UniFirst’s working revenue noticed a considerable rise of 45.1%, and web revenue grew by a powerful 56.8% to $38.1 million from $24.3 million YoY. This development was pushed by strong efficiency within the Core Laundry Operations section, which skilled a 5.3% enhance in revenues to $528.5 million. Nonetheless, the Specialty Clothes section confronted a slight downturn, with revenues lowering by 3.7%.
UniFirst’s President and CEO, Steven Sintros, expressed satisfaction with the outcomes, attributing the success to the corporate’s devoted staff and their dedication to offering top-notch service. “We’re happy with the outcomes for our third quarter, which delivered strong development in revenues, EBITDA, and money flows from working actions,” Sintros said.
Trying forward, UniFirst supplied steerage for the fiscal 12 months 2024, projecting EPS to be between $7.17 and $7.49. This forecast locations the midpoint barely beneath the analyst consensus of $7.45. The corporate additionally anticipates revenues to vary from $2.415 billion to $2.425 billion, aligning carefully with the consensus estimate of $2.42 billion.
UniFirst’s sturdy monetary well being is additional underscored by its money place, with money, money equivalents, and short-term investments totaling $125.4 million and no long-term debt excellent as of Could 25, 2024.
This text was generated with the help of AI and reviewed by an editor. For extra info see our T&C.