LONDON, UK / ACCESSWIRE / January 16, 2018 / Active-Investors.com has just released a free earnings report on UniFirst Corp. (NYSE: UNF). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=UNF. The Company reported its first quarter fiscal 2018 operating results on January 03, 2018. The uniform provider outperformed top- and bottom-line expectations, and provided guidance for the fiscal year 2018. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, UniFirst most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the quarter ended November 25, 2017, UniFirst's revenues were $415.8 million, up 7.7% compared to $386.1 million in Q1 FY17. The Company's revenue numbers topped analysts' expectations of $406.5 million.
During Q1 FY18, UniFirst's net income totaled $34.2 million, or $1.67 per diluted share, compared to a net income of $28.2 million, or $1.38 per diluted share, in Q1 FY17. The Company's earnings were ahead of Wall Street's estimates of $1.41 per share.
Segment Results
For Q1 FY18, UniFirst's Core Laundry operations produced revenues of $373.80 million, up 6.2% compared to $351.84 million in Q1 FY17. Adjusting for the estimated effect of acquisitions, primarily from the September 2016 purchase of Arrow Uniform, as well as a stronger Canadian dollar, the Core Laundry segment's revenues grew 4.5% on a y-o-y basis.
During Q1 FY18, UniFirst's Core Laundry segment's operating income was $46.36 million, reflecting a 6.1% increase from the operating income of $43.67 million in Q1 FY17. The Core Laundry segment's operating margin was 12.4% in the reported quarter, consistent with the same period a year ago. The operating margin comparison was positively impacted by lower merchandise costs as a percentage of revenues, as well as lower stock compensation expenses.
For Q1 FY18, UniFirst's revenues in the Specialty Garments segment, which consists of nuclear decontamination and cleanroom operations, surged 27.2% to $28.4 million on a y-o-y basis compared to $22.36 million in Q1 FY17. The segment's operating income was $4.5 million versus $1.2 million in the year earlier comparable quarter. The y-o-y improvement was primarily due to increased outages and project-based activity in the US and Canada, as well as gains from the segment's European operations.
During Q1 FY18, UniFirst's First Aid segment reported revenues and an operating income of $13.6 million and $1.1 million, respectively, compared to $11.9 million and $0.9 million, respectively, for Q1 FY17. These improvements were aided by the strong performance of the segment's wholesale distribution business and a business acquisition made in Q3 FY17.
Cash Matters
UniFirst's cash, cash equivalents, and short-term investments increased $24.3 million to $374.0 million at the end of Q1 FY18. The Company's cash provided by operating activities on a year-to-date basis was $47.6 million, reflecting a decrease of $15.9 million from the comparable period in the prior year when cash provided by operating activities was $63.5 million. This decrease was primarily due to the $12.5 million in cash received in September 2016 related to a settlement of environmental litigation which UniFirst entered into in Q4 FY16.
On January 09, 2018, the Board of Directors of UniFirst declared a regular quarterly cash dividend of $0.0375 per share on its common stock, payable on March 30, 2018, to shareholders of record as on March 09, 2018.
Outlook
For FY18, UniFirst is forecasting revenues to be in the range of $1.63 billion and $1.65 billion, and diluted earnings per share to be in the band of $5.10 and $5.30. The Company's outlook includes the $0.07 per share impact of the adoption of ASU 2016-9 in Q1 FY18.
Stock Performance Snapshot
January 12, 2018 - At Friday's closing bell, UniFirst's stock was slightly down 0.20%, ending the trading session at $171.15.
Volume traded for the day: 42.32 thousand shares.
Stock performance in the last month – up 2.45%; previous three-month period – up 9.12%; past twelve-month period – up 28.78%; and year-to-date – up 3.79%
After last Friday's close, UniFirst's market cap was at $3.54 billion.
Price to Earnings (P/E) ratio was at 45.80.
The stock has a dividend yield of 0.09%.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Clothing industry. This sector was up 0.3% at the end of the session.
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