LONDON, UK / ACCESSWIRE / October 24, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on UniFirst Corp. (NYSE: UNF), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=UNF, following the Company's announcement of its fourth quarter and fiscal 2017 operating results on October 18, 2017. The uniform provider outperformed top- and bottom-line expectations and provided guidance for the fiscal year 2018. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For its fourth quarter ended August 26, 2017, UniFirst reported revenues of $403.6 million, up 10.9% compared to revenue of $363.8 million in Q4 FY16. The Company's revenue topped analysts' estimate of $392.6 million. For FY17, UniFirst generated revenues of $1.59 billion, up 8.4% from $1.47 billion in FY16.

For Q4 FY17, UniFirst's net loss came in at $4.9 million or $0.24 per diluted share, compared to net income of $35.5 million, or $1.74 per diluted share, in Q4 FY16. The Company's adjusted net income for the reported quarter was $29.2 million, or $1.44 per diluted share, up 13.4% compared to adjusted net income for the prior year's same quarter of $25.8 million or $1.27 per diluted share. UniFirst's earnings exceeded Wall Street's expectations of $1.23 per share.

For FY17, UniFirst reported net income of $70.2 million, or $3.44 per diluted share, compared to $125.0 million, or $6.17 per diluted share, in FY16. The Company's adjusted net income for the full year was $107.7 million, or $5.28 per diluted share, down 6.6% from adjusted net income of $115.3 million, or $5.69 per diluted share, in the year ago same period.

UniFirst's adjusted net income for Q4 FY17 and FY17 excluded a $55.8 million impairment charge related to the Company's ongoing Customer Relationship Management (CRM) systems project. UniFirst announced in September 2017 that it had determined it was no longer probable that the current version of the CRM system being developed would be completed and placed into service and as a result, an impairment of capitalized costs would be required.

UniFirst's Segment Results

During Q4 FY17, the Company's Core Laundry Operations produced revenues of $364.8 million, up 10.0% on a y-o-y basis. Adjusting for the estimated effect of acquisitions, primarily those from the September 2016 purchase of Arrow Uniform, Core Laundry revenues grew 4.6%. The Core Laundry division's adjusted operating income was $41.9 million during the reported quarter, a 9.4% on a y-o-y basis, while operating margin in the reported quarter was 11.5%, down slightly from the adjusted operating margin of 11.6% in the year-ago same period.

For Q4 FY17, UniFirst's revenues in the Specialty Garments segment, which consists of nuclear decontamination and cleanroom operations, jumped 20.4% to $24.0 million. The segment's operating income for the reported quarter was $1.6 million compared to $1.2 million in the prior year's corresponding quarter, attributed to increased outages and project-based activity in the US and Canada.

UniFirst's revenues in Q4 FY17 from the First Aid segment totaled $14.7 million, reflecting growth of 22.2% on y-o-y basis. The Business' operating income was $1.9 million for the reported quarter compared to $1.4 million from the year-earlier same quarter. The improvement in the results was due to a strong performance from this segment's wholesale distribution business and a small acquisition completed in Q3 FY17.

Cash Matters

The Company's cash, cash equivalents, and short-term investments were $349.8 million at the end of fiscal 2017. Excluding the $118.7 million cash purchase price paid for the Arrow acquisition, UniFirst's cash, cash equivalents, and short-term investments increased $104.7 million during FY17. For FY17, the Company's capital expenditures totaled $108.6 million.

Outlook

For FY18, UniFirst is forecasting revenues in the range of $1.625 billion and $1.645 billion and full year 2018 diluted earnings per share will be between $5.00 and $5.30. The Company's Specialty Garment segment is projected to show modest operating income increases in FY18, while First Aid is projected to produce a modest decrease in operating income.

Stock Performance

On Monday, October 23, 2017, the stock closed the trading session at $156.05, slightly up 0.06% from its previous closing price of $155.95. A total volume of 44.83 thousand shares have exchanged hands, which was higher than the 3-month average volume of 42.13 thousand shares. UniFirst's stock price soared 10.20% in the last three months, 9.78% in the past six months, and 32.53% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 8.63%. The stock is trading at a PE ratio of 45.38 and has a dividend yield of 0.10%. At Monday's closing price, the stock's net capitalization stands at $3.15 billion.

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