UniFirst Boosts FY23 Revenue Outlook; Q3 Adj. EPS Miss Estimates

(RTTNews) - While reporting financial results for the third quarter on Wednesday, UniFirst Corp. (UNF) maintained its earnings guidance for the full-year 2023, while raising annual revenue outlook.

For fiscal 2023, the company now projects earnings in a range of $5.02 to $5.37 per share on revenues between $2.22 billion and $2.23 billion.

Previously, the company expected earnings in the range of $5.02 to $5.37 per share on revenues between $2.21 billion and $2.22 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.13 per share on revenues of $2.22 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income of $24.28 million or $1.29 per share, down from $25.07 million or $1.33 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.66 per share, compared to $1.77 per share in the year-ago quarter.

Consolidated revenue for the quarter increased 12.7 percent to $576.67 million from $511.55 million in the same quarter last year.

The Street was looking for earnings of $1.79 per share on revenues of $564.18 million for the quarter.

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