Wed, Jul 3, 6:19 PM (66 days ago)
UniFirst Corporation's Q3 FY2024 10-Q highlights a 4.6% increase in revenues to $603.3 million, driven primarily by a 5.3% growth in Core Laundry Operations. Specialty Garments saw a slight decline due to reduced North American nuclear business, while First Aid revenues rose by 6.9%. Operating income surged by 45.1% to $48.5 million, aided by lower merchandise and production costs, as well as reduced spending on key initiatives and healthcare claims. Depreciation and amortization expenses increased by 10.9%. Net income rose by 56.8% to $38.1 million, with an improved effective tax rate of 22.9%. Cash flow from operations increased significantly, supporting capital expenditures and share repurchases. The company remains compliant with its $275 million credit facility, with $212.3 million available for borrowing. Future uncertainties include inflation, interest rates, and geopolitical risks.