Plus   Neg

UniFirst Guides FY20 Below Analysts' Expectations - Quick Facts

While reporting financial results for the fourth quarter on Wednesday, UniFirst Corp. (UNF) initiated earnings and revenue guidance for the full-year 2020, below analysts' expectations.

For fiscal 2020, the company now projects earnings in a range of $7.47 and $7.92 per share on revenues between $1.860 billion and $1.880 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.88 per share on revenues of $1.80 billion for the year. Analysts' estimates typically exclude special items.

"As we look toward fiscal 2020, our guidance reflects our continued investments in our people, processes and technology, which will help us achieve our primary objective of being recognized as the top service provider in our industry," said Steven Sintros, UniFirst President and Chief Executive Officer.

UniFirst also announced that it will be raising its quarterly dividend to $0.25 per share for Common Stock and to $0.20 per share for Class B Common Stock, up from $0.1125 and $0.09 per share, respectively. This decision was reviewed and approved as part of the Board of Directors' ongoing evaluation of UniFirst's capital allocation strategy.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Casino operator MGM Resorts International said it was the victim of a data breach in 2019 after a report claimed that the details of more than 10.6 million hotel guests were exposed. Technology website ZDNet reported about the incident late on Wednesday, saying that the personal details of more than 10.6 guests who stayed at MGM Resorts hotels were published on a hacking forum this week. Amid the ongoing troubles with its 737 MAX commercial planes grounding since March 2019, Boeing (BA) has secured a five-year U.S. Air Force contract to sustain and modernize the Global Decision Support System, or GDSS. The financial terms of the deal were not disclosed. The contract was awarded to Tapestry Solutions, part of Boeing Global Services. Reinsurer Swiss Re reported Thursday significantly higher profit in fiscal 2019 driven by higher premiums mainly in property and casualty businesses, despite heavy natural catastrophe losses. The company also said it will propose higher dividend and share buyback of up to 1 billion Swiss Francs. Swiss Re were losing around 4 percent in trading.
Follow RTT