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UniFirst (NYSE:UNF) Updates Earnings Guidance for FY23

UniFirst (NYSE:UNF) Updates Earnings Guidance for FY23

The updated profit guidance for the fiscal year 2023 was announced by UniFirst (NYSE: UNF) on Wednesday morning. The company projected earnings per share range for the quarter of $7.75–10.75, which is significantly lower than the estimate that was taken as the average, which was $7.21. In addition, the company has provided a revenue forecast of $2.145-2.160 billion, which is lower than the generally accepted revenue estimate of $2.15 billion.
On Wednesday, October 19, 2018, UniFirst (NYSE: UNF) announced the release of its most recent quarterly earnings report to the public. The manufacturer of textiles reported earnings per share for the quarter of $1.79, which was $0.03 higher than the estimate given by financial analysts, who had predicted earnings of $1.76 per share on average. Market analysts projected that the company would bring in between $511.58 million and $516.40 million in revenue during the quarter. This range of revenue was anticipated for the company. The return on equity for UniFirst was 6.77 percent, which was significantly higher than the company’s net margin of 5.17%. The most recent quarterly report reveals an 11.0% increase in revenue compared to last year’s period. The company posted earnings of $1.82 per share during the same period the year before when compared to the current year. Sell-side analysts anticipate that UniFirst will generate earnings per share of 7.24 cents during the current fiscal year.
The company also declared a quarterly dividend, which is anticipated to be paid out on January 4 of this year. Therefore, on Thursday, December 8, shareholders of record on Wednesday, December 7, will be eligible to receive a dividend payment of $0.31 per share. Since the most recent quarterly dividend paid by UniFirst was $0.30, we can say that this represents an increase because of this fact. This equates to an annual dividend payment of $1.24 and a dividend yield of 0.65% when calculated annually. On Tuesday, December 6, the dividend payment is expected to be made. At the moment, UniFirst’s payout ratio sits at 22.71%.
On Wednesday morning, the price of a single share of UNF stock was $189.94 when trading got underway. The moving average of the company’s stock price over the past 50 days is $188.40, and the moving average over the past 200 days is $181.50. The share price of UniFirst has reached a high of $214.65 over the past year while falling to a low of $154.72 during the same period. The company has a price-to-earnings ratio of 34.79, and its beta value comes in at 0.91. The market value of the company is $3.55 billion.
Recent analyst reports have primarily concentrated on the United Nations Foundation as the topic of discussion. In a report on the state of the economy that was distributed on December 26, StockNews.com stated that its recommendation for UniFirst had been changed from “buy” to “hold.” In addition, following the publication of a report on September 15, The Street reduced its rating of UniFirst from a b- to a c+.
On October 19, the Chief Executive Officer of UniFirst, Steven S. Sintros, sold 178 shares of the company’s stock. This was another development about UniFirst. It was determined that a total of $32,040.00 worth of stock was traded, with an average selling price of $180.00 per share. Because of the sale, the chief executive officer now has direct ownership of 19,984 company shares, and the total value of those shares is $3,597,120. The transaction was made public through a filing that was made with the SEC, which can be located on the website of the SEC. On October 19, the Chief Executive Officer of the company, Steven S. Sintros, made a transaction that resulted in the sale of 178 shares. It was determined that a total of $32,040.00 worth of stock was traded, with an average selling price of $180.00 per share. The transaction resulted in the company’s chief executive officer acquiring ownership of 19,984 shares, valued at $3,597,120. Simply clicking on this link will take you to a document submitted to the SEC and provide you with additional details regarding the transaction. In addition, on Friday, October 28, the company’s Chief Financial Officer, Shane O’Connor, sold 1,233 shares of the company’s stock. The shares were sold on the open market for $221,940.00, which is $180.00 per share when broken down into individual prices. As a result of the successful transaction completion, the chief financial officer purchased 3,901 company stock at a total cost of $702,180. The disclosure about the purchase can be found in this particular location. Through the purchase and subsequent sale of 2,978 shares of company stock over the most recent three months, company insiders have generated a total profit of $536,040. 1.20 corporate insiders hold a percent of the total number of shares in the company.

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