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Sep 26, 2021
Unifi Q1 2022 Earnings Report
Unifi announced strong first quarter fiscal 2022 results and increased full year fiscal 2022 outlook.
Key Takeaways
Unifi's Q1 2022 results surpassed expectations with the highest quarterly net sales since June 2013, driven by strong performance across all segments and geographic regions.
Net sales increased by 38.5% compared to Q1 2021, reaching $196.0 million.
REPREVE Fiber products accounted for 37% of net sales, an increase of $20.3 million year-over-year.
Gross profit rose by 79% to $26.1 million, with a gross margin of 13.3%.
Operating income increased substantially to $13.3 million, compared to $2.9 million in Q1 2021.
Unifi
Unifi
Unifi Revenue by Geographic Location
Revenue by Geographic Location
Brazil Revenue
CapyFin.comAsia Revenue
CapyFin.com Forward Guidance
The Company’s expectations for the fiscal quarter ending December 2021 (“Q2 2022”) and fiscal 2022, assuming there are no further significant disruptions to global markets or interruptions to global supply chains, no supplier issues in China due to electrical power limitations, and no further adverse impacts from COVID-19
Positive Outlook
- Net sales to range between $185.0 million and $190.0 million for Q2 2022
- Adjusted EBITDA to range between $14.0 million and $15.0 million for Q2 2022
- Sales volume and REPREVE Fiber sales growth driving net sales to $750 million or more for fiscal 2022
- Adjusted EBITDA to range between $65.0 million and $67.0 million for fiscal 2022
- Capital expenditures of approximately $40.0 million to $44.0 million for fiscal 2022
Challenges Ahead
- Significant disruptions to global markets
- Interruptions to global supply chains
- Supplier issues in China due to electrical power limitations
- Further adverse impacts from COVID-19
- An effective tax rate between 35% and 40%
Revenue & Expenses
Visualization of income flow from segment revenue to net income