UniFirst Boosts FY24 EPS Outlook As Q3 Results Top Estimates

(RTTNews) - While reporting financial results for the third quarter on Wednesday, UniFirst Corp. (UNF) raised its earnings guidance for the full-year 2024, while maintaining annual revenue outlook.

For fiscal 2024, the company now projects earnings in a range of $7.17 to $7.49 per share, up from the prior forecast range of $6.80 to $7.16 per share. However, the company continues to expect revenues between $2.415 billion and $2.425 billion.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $7.45 per share on revenues of $2.42 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income of $38.06 million or $2.03 per share, up from $24.28 million or $1.29 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $2.19 per share, compared to $1.66 per share in the year-ago quarter.

Consolidated revenue for the quarter increased 4.6 percent to $603.33 million from $576.67 million in the same quarter last year.

The Street was looking for earnings of $1.86 per share on revenues of $601.29 million for the quarter.

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