UniFirst (UNF) 2021 Q3 Earnings Report

UniFirst Corp (NYSE:UNF) history dates back to 1936 when the Croatti family founded the company in a horse barn located in Boston. It initially served factory workers and laborers in its vicinity. Over the years, UniFirst evolved into a leading seller of uniforms and protective clothing. It also manufactures cleaning products such as mats, mops, and air fresheners.

The uniform rental company recently announced better-than-expected financial results for the third quarter. UniFirst reported earnings of $2.21 per share for the three months ended May 29, significantly higher than $1.12 per share in the comparable period of 2020. Analysts, on average, were expecting earnings of $1.83 per share.

Revenue for the quarter increased 4.2 percent to $464.3 million, surpassing the consensus forecast of $454.3 million. Revenue from UniFirst’s core laundry operations surged 5.3 percent to $409.0 million.

Speaking on the results, CEO Steven Sintros said in a statement, “For over a year, our Team Partners have continued to put forth tremendous efforts in the face of the many obstacles created by the pandemic. They have worked extremely hard to take care of each other and our customers during these challenging times and I want to personally thank them for their extraordinary performance.”

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UniFirst also updated its financial outlook for the full year, citing improving business activity. It is anticipating earnings in the range of $7.80 per share to $8 per share on revenue of $1.81 billion to $1.82 billion. The updated guidance is almost in line with the consensus forecast.

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