UniFirst Slashes FY22 Earnings Outlook As Q3 Adj. EPS Misses Estimates

(RTTNews) - While reporting financial results for the third quarter on Wednesday, UniFirst Corp. (UNF) slashed its earnings and adjusted earnings outlook for the full-year 2022, while raising annual revenue outlook.

For fiscal 2022, the company now projects earnings in a range of $5.40 to $5.60 per share and adjusted earnings in a range of $6.65 to $6.85 per share on revenues between $1.993 billion and $2.0 billion.

Previously, the company expected earnings in the range of $5.62 to $5.82 per share and adjusted earnings in the range of $6.80 to $7.00 per share on revenues between $1.967 billion and $1.980 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.91 per share on revenues of $1.97 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income of $25.07 million or $1.33 per share, down from $42.02 million or $2.21 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.77 per share.

Total revenue for the quarter increased 10.2 percent to $511.55 million from $464.32 million in the same quarter last year.

The Street was looking for earnings of $1.90 per share on revenues of $501.03 million for the quarter.