UniFirst Q3 net income rises 56.8% to $38.1 million; EPS outlook $7.17-$7.49
UniFirst reported third-quarter fiscal 2024 results for the quarter ended May 25, 2024, with revenues up 4.6% to $603.3 million and diluted earnings per share of $2.03, compared with $1.29 a year earlier. The company continued to expect fiscal 2024 revenues of $2.415 billion to $2.425 billion and gave a diluted EPS outlook of $7.17 to $7.49. For shareholders, headline revenue and profit measures rose, although the Specialty Garments operating margin declined.
- Revenues rose 4.6% to $603.3 million; net income rose to $38.1 million from $24.3 million.
- Operating income was $48.5 million, up 45.1%; diluted EPS was $2.03 versus $1.29.
- Specialty Garments revenue fell 3.7% to $47.6 million and its operating margin decreased to 23.9% from 25.2%.
- Fiscal 2024 revenue outlook of $2.415 billion to $2.425 billion was maintained; diluted EPS outlook is $7.17 to $7.49.