UniFirst Tops Q3 Expectations

reported better-than-expected results for its fiscal third quarter. For the full year, UniFirst projects earnings of $5.90 to $6.00 per share, on sales of $1.452 billion and $1.458 billion. Analysts estimated earnings of $5.92 per share on revenue of $1.45 billion. The Wilmington, Massachusetts-based company reported a quarterly profit of $32.5 million, or $1.61 per share, versus a year-ago profit of $30.9 million, or $1.53 per share. Its revenue rose 3.8 percent year-over-year to $365.6 million from $352.2 million. However, analysts were estimating earnings of $1.39 per share on revenue of $360.4 million. The average estimate among 3 Estimize users was for earnings of $1.42 per share and revenue of $362.34 million. Its sales for specialty garments segment declined 6.4 percent to $25.9 million in the latest quarter, while sales in its laundry operations segment gained 4.6 percent to $327.8 million. At the end of the quarter, cash and cash equivalents totaled $235.7 million, versus $191.8 million at the end of fiscal 2014. Ronald D. Croatti, UniFirst President and Chief Executive Officer, said, "Our growth continued to be limited by macroeconomic factors including headcount reductions at many of our energy related customers as well as weaker foreign currency exchange rates adversely affecting our Canadian and European operations. Despite these challenges, we are pleased with the results of our third quarter and will continue to focus on factors within our control." UniFirst shares fell 0.42 percent to close at $111.85 yesterday.