UniFirst Corp. (UNF) Thursday reported an increase in profit for the first quarter, helped mainly by higher revenues. Both earnings and revenues came in above analysts' expectations. The company also raised its outlook for the fiscal year 2013.
Net income for the quarter increased to $30.8 million or $1.54 per share from $25.8 million or $1.30 per share in the same period last year.
On average, seven analysts polled by Thomson Reuters expected the company to earn $1.33 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $332.6 million, up from $313.0 million last year. Analysts expected revenues of $327.27 million.
Looking ahead to the fiscal year 2013, the company raised its earnings outlook to a range of $5.10 to $5.25 per share. This compares to the previous guidance range of $4.65 to $4.85 per share.
Revenues are forecast in a range of $1.335 billion to $1.348 billion, up from $1.325 billion to $1.338 billion announced previously.
Analysts, based on consensus, currently expect the company to report full-year earnings of $4.82 per share on revenues of $1.33 billion.
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