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Aug 26, 2023
UniFirst Q4 2023 Earnings Report
UniFirst reported Q4 2023 financial results, with revenue and EPS increases.
Key Takeaways
UniFirst Corporation reported a 10.7% increase in consolidated revenues for the fourth quarter, reaching $571.9 million. Diluted earnings per share increased to $1.47, and net income increased to $27.6 million.
Consolidated revenues for the fourth quarter increased 10.7% to $571.9 million.
Operating income increased by 8.5% to $36.1 million.
Diluted earnings per share increased to $1.47 from $1.39 in the prior year, a 5.8% increase.
Core Laundry Operations revenues increased 10.1% to $505.0 million.
Forward Guidance
For fiscal 2024, UniFirst expects revenues between $2.415 billion and $2.435 billion, and fully diluted earnings per share between $6.52 and $7.16.
Positive Outlook
- Revenue is expected to be between $2.415 billion and $2.435 billion.
- Fully diluted earnings per share are expected to be between $6.52 and $7.16.
- Net income, at the midpoint of the range, is expected to increase to $128.6 million, or 24.0%.
- Consolidated EBITDA, at the midpoint of the range, is expected to increase to $307.8 million, or 21.5%.
- Core Laundry Operations’ revenue growth, at the midpoint of the range, is expected to be 9.4%, and organic growth is expected to be 4.8%.
Challenges Ahead
- Guidance includes $16.0 million of costs directly attributable to Key Initiatives.
- The Key Initiatives are expected to decrease operating and EBITDA margins by 0.7%.
- The Key Initiatives are expected to decrease EPS by $0.64.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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