Loading...
•
Sep 29, 2023
Vestis Q4 2023 Earnings Report
Vestis reported strong Q4 2023 results driven by revenue growth and efficient operations.
Key Takeaways
Vestis reported Q4 2023 revenue of $715.9 million, a 4.8% increase year-over-year. Operating income increased by 89.5% to $57.8 million, and net income increased by 305.2% to $94.0 million. Adjusted EBITDA grew by 13.5% to $112.8 million. The company expects to deliver revenue growth in the range of 4.0 to 4.5% in fiscal year 2024.
Revenue increased by 4.8% year-over-year to $715.9 million.
Operating income increased by 89.5% year-over-year to $57.8 million.
Net income increased significantly by 305.2% year-over-year to $94.0 million.
Adjusted EBITDA increased by 13.5% year-over-year to $112.8 million.
Vestis
Vestis
Forward Guidance
The Company expects to deliver revenue growth in the range of 4.0 to 4.5% and adjusted EBITDA margin to be maintained at not less than the fiscal 2023 level (14.3%).
Positive Outlook
- Continued focus on providing service excellence to our customers.
- Delivering high-quality growth.
- Strategic imperatives include disciplined capital allocation with de-levering as a priority.
- Expect not less than 100% free cash flow conversion of net income.
Challenges Ahead
- Approximately 50 to 60 basis points of margin expansion offsetting approximately $15 to $18 million in incremental public company costs in the period.