- UniFirst Corp UNF reported third-quarter FY22 sales growth of 10.2% year-on-year to $511.5 million, beating the consensus of $501.03 million. Adjusted EPS of $1.77 missed the consensus of $1.90.
- Revenues from core laundry operations increased 10% Y/Y to $450 million, and specialty garments rose 7.7% Y/Y to $41.2 million.
- Operating income declined 37.8% Y/Y to $33.7 million, and margin fell by 508 bps to 6.6%.
- UniFirst generated cash from operating activities year-to-date of $88.84 million, compared to $187.52 million a year ago. It held cash and equivalents of $410.59 million and had no long-term debt outstanding as of May 28, 2022.
- The company repurchased 90,394 shares of common stock for $15.7 million in the quarter.
- FY22 Outlook: UniFirst expects revenues of $1.993 billion - $2 billion (prior view $1.967 billion - $1.98 billion) versus the consensus of $1.97 billion.
- It sees an adjusted EPS of $6.65 - $6.85 (prior $6.80 - $7.00) versus the consensus of $6.91.
- Price Action: UNF shares traded lower by 0.48% at $160.63 on the last check Wednesday.
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