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UniFirst Corporation (NYSE:UNF) reported second-quarter FY25 gross maturation of 1.9% year-on-year to $602.22 million, somewhat missing the expert statement estimation of $602.80 million.
Core Laundry Operations gross accrued 1.5% to $530.4 cardinal and Specialty Garments improved 2.2% to $44.4 million.
UniFirst registered an operating income of $31.2 million, an summation of 11.7% year implicit year, with an operating borderline of 5.2%.
Adjusted EBITDA accrued to $68.9 million from $64.8 million in the anterior year. Adjusted EPS of $1.40 bushed the expert statement estimation of $1.32.
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UniFirst reported expenses of astir $1.9 cardinal successful the 4th related to its cardinal initiatives, including lawsuit narration absorption and endeavor assets readying projects. These items had a $0.09 effect successful the second quarter.
UniFirst said its cash, currency equivalents and short-term investments totaled $201.0 cardinal arsenic of March 1, with nary semipermanent indebtedness outstanding.
The institution repurchased 33,000 shares for $6.2 cardinal successful the 2nd quarter. As of March 1, UniFirst had $63.7 cardinal remaining nether its existing stock repurchase authorization.
“We are excited that our investments successful the concern are starting to amusement returns successful respective areas, including improved profitability, currency travel and wide operational execution,” said President and CEO Steven Sintros.
In January, Cintas Corporation submitted a connection to get each outstanding shares of UniFirst for $275 per stock successful cash.
UniFirst rejected the proposal, claiming it was not successful the champion interests of the institution and its shareholders.
Subsequently Cintas ended the treatment connected the acquisition connection past week, arsenic the talks remained inconclusive.
Outlook: UniFirst sees FY25 gross of $2.422 cardinal – $2.432 cardinal (prior presumption $2.425 billion – $2.440 billion) against an estimation of $2.430 billion.
The institution raised its FY25 EPS outlook from $6.79 – $7.19 to $7.30 – $7.70 versus the estimation of $7.77.
Price Action: UNF shares traded higher by 0.92% astatine $176.97 astatine past cheque Wednesday.
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