UniFirst Corp (UNF) Tops Q4 EPS by 6c

UniFirst Corp (NYSE: UNF) reported Q4 EPS of $1.79, $0.06 better than the analyst estimate of $1.73. Revenue for the quarter came in at $516.41 million versus the consensus estimate of $512.12 million.

GUIDANCE:

UniFirst Corp sees FY2023 EPS of $7.10-$7.50, versus the consensus of $7.70. UniFirst Corp sees FY2023 revenue of $2.145-2.16 billion, versus the consensus of $2.121 billion.

This guidance includes $40.0 million of transitionary investment costs directly attributable to our Key Initiatives that we anticipate will be expensed in fiscal 2023.

-Core Laundry Operations’ revenue growth at the midpoint of the range is expected to be 7.7%, and organic growth, which excludes the estimated effect of acquisitions and fluctuations in the Canadian dollar, is expected to be 8.3%.
-Core Laundry Operations’ adjusted operating margin, excluding Key Initiative costs, at the midpoint of the range is 8.1%.
-Our adjusted operating margin reflects continued pressure from the current inflationary environment, including high energy costs as well as higher levels of merchandise amortization.
-Both our GAAP and adjusted tax rates for fiscal 2023 are projected to be 25.0%.
-Adjusted diluted earnings per share is expected to be between $7.10 and $7.50.
-Guidance does not include the impact of any future share buybacks or unexpected significantly adverse economic developments.

For earnings history and earnings-related data on UniFirst Corp (UNF) click here.

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