UniFirst Q2 Profit Down; Cuts FY EPS Outlook - Quick Facts

UniFirst Corp. (UNF) reported that its net income for the second quarter ended February 25, 2023 declined to $17.81 million from last year's $18.45 million, with earnings per share decreasing to $0.95 from $0.97 in the prior year.

But revenues for the quarter rose to $542.69 million from $486.70 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report revenues of $531.67 million for the second-quarter. Analysts' estimates typically exclude special items.

Looking ahead for fiscal year 2023, the company now expects earnings per share to be between $5.02 and $5.37 compared to the prior outlook of $5.50 - $5.90. Analysts expect annual earnings of $7.55 per share.

The company now expects annual revenues to be in the range of $2.210 billion - $2.220 billion, compared to the prior estimation of $2.145 billion - $2.160 billion. Wall Street analysts have a consensus revenue estimate of $2.16 billion.

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