UniFirst Backs FY24 Outlook; Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter of fiscal 2024 on Wednesday, UniFirst Corp. (UNF) maintained its earnings and revenue guidance for the full-year 2024.

For fiscal 2024, the company continues to project earnings in a range of $6.52 to $7.16 per share on revenues between $2.415 billion and $2.235 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.49 per share on revenues of $2.43 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net income of $42.33 million or $2.26 per share, up from $33.96 million or $1.81 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $2.38 per share, compared to $2.21 per share in the year-ago quarter.

Consolidated revenue for the quarter increased 9.5 percent to $593.53 million from $541.80 million in the same quarter last year.

The Street was looking for earnings of $2.18 per share on revenues of $589.64 million for the quarter.

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