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Unifirst's Q3 Earnings: Revenue And Profit Beat, Strong Outlook And More

Nabaparna Bhattacharya
·2-min read
Unifirst's Q3 Earnings: Revenue And Profit Beat, Strong Outlook And More
Unifirst's Q3 Earnings: Revenue And Profit Beat, Strong Outlook And More

Unifirst Corporation (NYSE:UNF) shares are trading higher after the company reported better-than-expected third quarter financial results.

Quarterly sales of $603.33 million beat the analyst consensus of $601.29 million.

Unifirst registered first quarter operating income of $48.5 million, an increase of 45.1% year over year.

The company clocked diluted earnings per share of $2.03, up 57.4% year over year. On an adjusted basis, Unifirst clocked earnings per share of $2.19, beating the street view of $1.86.

Adjusted EPS excludes approximately $3.9 million in costs directly attributable to its customer relationship management computer system and enterprise resource planning project.

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Third-quarter EBITDA increased to $82.5 million compared to $64.0 million in the prior year.

Unifirst said its cash, cash equivalents, and short-term investments totaled $125.4 million as of May 25, with no long-term debt outstanding.

Outlook: Unifirst reiterated its FY24 outlook. The company sees revenues of $2.415 billion to $2.425 billion versus the $2.42 billion estimate. It projects EPS of $7.17 to $7.49 versus the $7.45 estimate.

The company estimates around $12.0 million of costs directly attributable to its key initiatives that will be expensed in fiscal 2024.

“Our outlook for fiscal 2024 includes one extra week of operations compared to fiscal 2023 due to the timing of our fiscal quarter,” said CEO Steven Sintros.

Price Action: UNF shares are trading higher by 13.30% to $175.09 at the last check on Wednesday.

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This article Unifirst's Q3 Earnings: Revenue And Profit Beat, Strong Outlook And More originally appeared on Benzinga.com

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