UniFirst Now Sees FY Results At Higher End Of Prior Range

(RTTNews) - UniFirst Corp. (UNF) said it now expect that its full year 2017 results will come in at the higher ends of previously communicated ranges. Previously it expected full year revenues for fiscal 2017 would be between $1.550 billion and $1.565 billion and full year earnings per share would be between $4.85 and $5.00.

Analysts polled by Thomson Reuters expect the company to report earnings of $4.94 per share and revenues of $1.55 billion for fiscal year 2017. Analysts' estimates typically exclude special items.

Ronald Croatti, UniFirst President and Chief Executive Officer said,"We are encouraged by the improvement during the second quarter of the Core Laundry Operations' organic growth rate. Recent trends indicate that wearer levels at existing customers have stabilized after enduring two years of significant reductions in our North American energy-dependent markets. In addition, overall new sales as well as customer retention are also trending positively compared to the first half of 2016."

UniFirst said it continues to maintain a strong balance sheet with no long-term debt and significant cash balances. Excluding the $119.9 million cash purchase price paid for the Arrow acquisition, cash and cash equivalents increased $69.6 million during the first half of the year. As of February 25, 2017, cash and cash equivalents were $313.5 million.