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May 27, 2023
UniFirst Q3 2023 Earnings Report
UniFirst reported financial results for the third quarter of fiscal 2023.
Key Takeaways
UniFirst Corporation reported a 12.7% increase in consolidated revenues, reaching $576.7 million. However, operating income saw a slight decrease of 0.9% to $33.4 million, and net income decreased by 3.2% to $24.3 million. Diluted earnings per share also decreased by 3.0% to $1.29.
Consolidated revenues increased 12.7% to $576.7 million.
Operating income decreased 0.9% to $33.4 million.
Net income decreased 3.2% to $24.3 million.
Diluted earnings per share decreased 3.0% to $1.29.
Forward Guidance
The Company now expects its revenues for fiscal 2023 to be between $2.220 billion and $2.230 billion, and diluted earnings per share to be between $5.02 and $5.37.
Positive Outlook
- Strong top-line performance in the Specialty Garments’ business.
- Improved expectations for the remainder of the year in Specialty Garments.
- Core Laundry Operations’ operating margin at the midpoint of the range of 4.7%.
- Core Laundry Operations’ EBITDA margin at the midpoint of the range of 10.5%.
- Effective tax rate of 25.75%.
Challenges Ahead
- Approximately $37.0 million of costs directly attributable to Key Initiatives.
- Approximately $3.0 million of Clean acquisition-related expenses.
- Combined decrease to the Core Laundry Operations' operating and EBITDA margin assumptions by 2.1%.
- Combined decrease to EPS by $1.60.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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