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Apr 02, 2023
Unifi Q3 2023 Earnings Report
Unifi's Q3 2023 performance increased sequentially with initial apparel production recovery and prudent cost control measures.
Key Takeaways
Unifi, Inc. reported net sales of $156.7 million for the third quarter of fiscal 2023, a 15.1% increase sequentially. The company experienced a net loss of $5.2 million, or $0.29 per share, but adjusted EBITDA was $5.0 million, showing significant recovery from the previous period.
Net sales were $156.7 million, up 15.1% sequentially.
REPREVE Fiber products accounted for 32% of net sales, totaling $49.6 million.
Gross profit was $9.7 million, with a gross margin of 6.2%, and operating loss was $2.7 million.
Net loss was $5.2 million, or $0.29 per share, while adjusted net loss was $4.6 million.
Revenue by Geographic Location
Forward Guidance
UNIFI expects fourth quarter fiscal 2023 results to be generally consistent with third quarter fiscal 2023 results for net sales and Adjusted EBITDA. Capital expenditures are expected to trend downward sequentially, primarily because of the delayed spending for eAFK EvoCooler machinery.
Positive Outlook
- Continued improvement in sales and profitability beginning in fiscal 2024 is expected as textile production recovery continues.
- Benefit from numerous cost control measures.
- Teams have performed well through a difficult environment to manage costs.
- Diligent and responsible management of working capital and the balance sheet.
- Expectations for continued improvement in sales and profitability beginning in fiscal 2024.
Challenges Ahead
- Fourth quarter fiscal 2023 results expected to be generally consistent with third quarter fiscal 2023 results for net sales and Adjusted EBITDA.
- Effective tax rate is expected to demonstrate continued volatility.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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