UniFirst Corporation (NYSE: UNF) shares sprang up Wednesday, after releasing results for its first quarter ended November 30, 2024 as compared to the corresponding period in the prior fiscal year:
The Wilmington, Mass.-based company reported consolidated revenues for the first quarter increased 1.9% to $604.9 million; operating income was $55.5 million, an increase of 4.5%.
The quarterly tax rate increased to 25.6% compared to 23.4% in the prior year, while net income increased to $43.1 million from $42.3 million in the prior year, or 1.8%.
Diluted earnings per share increased to $2.31 from $2.26 in the prior year, or 2.2%. Adjusted EBITDA increased to $94.0 million compared to $88.7 million in the prior year, or 5.9%.
The Company's financial results for the first quarter of fiscal 2025 and 2024 included approximately $2.5 million and $2.9 million, respectively, of costs directly attributable to its customer relationship management computer system and enterprise resource planning (“ERP”) projects. The Company refers to the CRM and ERP projects together as its “Key Initiatives”.
CEO Steven Sintros: “We are pleased with the results from our first quarter, which represent a solid start to our fiscal year. I want to sincerely thank all our Team Partners who continue to Always Deliver for each other and our customers as we strive towards our vision of being universally recognized as the best service provider in the industry …all while living our mission of Serving the People Who do the Hard Work.”
UNF shares hiked $10.31, or 5%, to $215.00
