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UniFirst first-quarter net income rises
Created on Wednesday, 04 January 2012 08:42Category: Earnings
WILMINGTON, Mass. (AP) -- UniFirst Corp., which makes and rents uniforms for U.S. workers, said Wednesday that its fiscal first-quarter net income rose 9 percent as sales rose across all of its
Results beat expectations, and the company raised fiscal 2012 guidance.
"Although unemployment levels remain high, we are starting to see some improvement in the wearer levels of our existing customer base," said CEO Robert Croatti.
Net income rose 9 percent to $25.8 million, or $1.30 per share. That compares with $23.8 million or $1.20 per share, last year. Analysts expected $1.07 per share.
Revenue rose 15 percent to $313 million from $273.1 million a year ago. Analysts expected $297.5 million.
Revenue rose across all segments, including laundry services, specialty garments and first-aid uniforms.
The company now expects full-year profit between $3.85 and $4.05 per share on revenue of $1.22 billion to $1.24 billion. Previously, it forecast $3.65 to $3.95 per share on revenue of $1.195 billion to $1.22 billion.
Analysts expect $3.88 per share on revenue of $1.21 billion, according to FactSet.
Shares fell 36 cents to $57.58 in morning trading.
Courtesy Yahoo Financial News