Textile company UniFirst Corp. (UNF) Wednesday posted higher profit for the second quarter on the back of increased revenue for the period. Earnings per share came in above Street expectations. The company further raised the outlook for the full-year based on the performance in the first half and current outlook for the remainder of the year.
For the period, the company posted net income of $26.64 million, up from $19.19 million a year earlier.
On a per share basis earnings for the quarter totaled $1.33 compared with $0.96 for the prior-year period.
On average, seven analysts polled by Thomson Reuters estimated earnings per share of $1.13 for the period. Analysts estimates typically exclude one-time items.
Revenue for the quarter was $334.3 million, up from $309.95 million posted a year ago and was above consensus estimates of $328.59 million. Second quarter revenues in the Core Laundry Operations were $301.6 million, up 8.8 percent from those reported in the prior year period.
Looking ahead to fiscal 2013, the firm now sees earnings per share to be between $5.65 and $5.80 compared with prior view of between $5.10 and $5.25. Revenue is lifted to between $1.344 billion and $1.354 billion, from its previous expectations of between $1.335 billion and $1.348 billion. This guidance includes one extra week of operations in the fourth quarter due to the timing of the fiscal calendar and assumes no further deterioration of the U.S. Economy.
Street is currently looking for earnings per share of $5.22 on revenue of $1.34 billion for fiscal 2013.
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