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UniFirst

UniFirst Corp provides workplace uniforms, protective clothing, and other workplace products and services to businesses in the United States, Canada, and Europe. The U.S. and Canadian Rental and Cleaning segment that accounts for the majority of the company engages in sales rents and sells clothing and non-garment items, and offers a cleaning service that delivers clean uniforms when it picks up dirty or contaminated ones. Manufacturing segment designs and manufactures uniforms and non-garment items. Specialty garments rental and cleaning segment provides specialty garments, non-garments, and cleaning services for nuclear and classroom applications. The First Aid segment provides safety supplies and pill packaging. The Corporate segment consists of various associated costs.

UniFirst Corp

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UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) is gearing up to announce its quarterly earnings on Wednesday, 2024-10-23. Here's a quick overview of what investors should know before the release.
Analysts are estimating that UniFirst will report an earnings per share (EPS) of $2.04.
Investors in UniFirst are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Past Earnings Performance</h3>
During the last quarter, the company reported an EPS beat by $0.33, leading to a 2.62% drop in the share price on the subsequent day.
Here's a look at UniFirst's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2024</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>1.86</td>
<td>1.42</td>
<td>2.18</td>
<td>1.63</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>2.19</td>
<td>1.22</td>
<td>2.38</td>
<td>1.75</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-3.0%</td>
<td>1.0%</td>
<td>-3.0%</td>
<td>-3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729612959_0.png" alt="eps graph" />
<h3>Performance of UniFirst Shares</h3>
Shares of UniFirst were trading at $190.57 as of October 21. Over the last 52-week period, shares are up 17.16%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/UNF/earnings">To track all earnings releases for UniFirst visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

An Overview of UniFirst's Earnings

UniFirst Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>), a North American leader in the supply and servicing of uniform and workwear programs, facility service products, and first aid and safety supplies, is pleased to announce the appointment of Kelly Rooney as Chief Operating Officer (COO), effective September 30, 2024. &nbsp;
Rooney has extensive knowledge and experience in large-scale B2B route-based operations. Over her twenty-five plus year career, she has held operational and leadership roles of increasing responsibility. Her most recent position was as the Chief Human Resources Officer at Waste Management, a $20 billion public company. Rooney is returning to her roots and will oversee UniFirst's day-to-day operations, focusing on driving growth, enhancing customer service excellence, and executing operational efficiencies. Her innovative leadership style, systematic approach, and strong customer focus have consistently yielded outstanding results throughout her career.

News

Management

UniFirst Corporation Names Kelly Rooney As Chief Operating Officer, Effective September 30, 2024; Michael Croatti To Transition From Executive Role In November, Will Continue In Consulting Capacity

UBS analyst Joshua Chan maintains UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) with a Neutral and raises the price target from $186 to $190.

Price Target

Analyst Ratings

UBS Maintains Neutral on UniFirst, Raises Price Target to $190

JP Morgan analyst Andrew Steinerman maintains UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) with a Underweight and raises the price target from $170 to $175.

JP Morgan Maintains Underweight on UniFirst, Raises Price Target to $175

Baird analyst Andrew Wittmann maintains UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) with a Neutral and raises the price target from $185 to $199.

Baird Maintains Neutral on UniFirst, Raises Price Target to $199

Unifirst Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) shares are trading higher after the company reported better-than-expected <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">third quarter financial results</a>.
Quarterly sales of $603.33 million beat the analyst <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39499429/unifirst-announces-financial-results-for-the-third-quarter-of-fiscal-2024" rel="noreferrer noopener">consensus of $601.29 million.</a>
Unifirst registered first quarter operating income of $48.5 million, <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">an increase of 45.1% year over year</a>.
The company clocked diluted earnings per share of $2.03, up 57.4% year over year. On an adjusted basis, Unifirst clocked earnings per share of $2.19, beating the street view of $1.86.
Adjusted EPS excludes approximately $3.9 million in costs directly attributable to its customer relationship management computer system and enterprise resource planning project.
Third-quarter EBITDA increased to $82.5 million compared to $64.0 million in the prior year.
Unifirst said its cash, cash equivalents, and short-term investments totaled $125.4 million as of May 25, with no long-term debt outstanding.
Outlook: Unifirst <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">reiterated its FY24 outlook</a>. The company sees revenues of $2.415 billion to $2.425 billion versus the $2.42 billion estimate. It projects EPS of $7.17 to $7.49 versus the $7.45 estimate.
The company estimates around $12.0 million of costs directly attributable to its key initiatives that will be expensed in fiscal 2024.
&#8220;Our outlook for fiscal 2024 includes one extra week of operations compared to fiscal 2023 due to the timing of our fiscal quarter,&#8221; said CEO Steven Sintros.
Price Action: UNF shares are trading higher by 13.30% to $175.09 at the last check on Wednesday.
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General

Unifirst's Q3 Earnings: Revenue And Profit Beat, Strong Outlook And More

WIIM

Unifirst shares are trading higher after the company reported better-than-expected Q3 financial results.

&nbsp;The outlook&nbsp;for fiscal 2024 includes one extra week of operations compared to fiscal 2023 due to the timing of our fiscal quarter, and assumes:
<ul>
<li>Core Laundry Operations&#39; organic growth at the midpoint of the range of&nbsp;4.5%.</li>
<li>Core Laundry Operations&#39; operating and EBITDA margins at the midpoint of the range of&nbsp;6.6%&nbsp;and&nbsp;12.7%, respectively.</li>
<li>An estimate of&nbsp;$12.0 million&nbsp;of costs directly attributable to our Key Initiatives that will be expensed in fiscal 2024 and will decrease both the Core Laundry Operations&#39; operating and EBITDA margins by&nbsp;0.6%.</li>
<li>An effective tax rate of&nbsp;24.5%.</li>
<li>No impact from any future share buybacks or unexpected significantly adverse economic developments.</li>
</ul>

Unifirst Corporation Reiterates FY24 Outlook: Sees Revenues Of $2.415B-$2.425B, Projects EPS Of $7.17-$7.49

UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) reported quarterly sales of $603.33 million which beat the analyst consensus estimate of $601.29 million by 0.34 percent. This is a 4.62 percent increase over sales of $576.67 million the same period last year.

Earnings Beats

UniFirst Reports Q3 GAAP EPS Of $2.03 Beating $1.70 Estimate,  Sales $603.33M Beat $601.29M Estimate

UBS analyst Joshua Chan maintains UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) with a Neutral and raises the price target from $184 to $186.

UBS Maintains Neutral on UniFirst, Raises Price Target to $186

U.S. stocks traded higher this morning, with the Dow Jones gaining over 200 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.58% to 39,511.62 while the NASDAQ rose 0.60% to 16,412.89. The S&amp;P 500 also rose, gaining, 0.58% to 5,233.65.
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&nbsp;
<h3>Leading and Lagging Sectors</h3>
&nbsp;
Real estate shares jumped by 1.1% on Wednesday.
In trading on Wednesday, consumer discretionary shares rose by just 0.3%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
UniFirst Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unf#NYSE">UNF</a>) reported weaker-than-expected second-quarter earnings.
UniFirst posted quarterly earnings of $1.09 per share, missing market estimates of $1.23 per share. The company&rsquo;s quarterly sales came in at $590.70 million versus expectations of $587.84 million.
UniFirst said it sees FY24 revenue of $2.415 billion to $2.425 billion and earnings of $6.80 to $7.16 per share.
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
Lixte Biotechnology Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lixt#NASDAQ">LIXT</a>) shares shot up 82% to $4.1307 after the company announced the publication of pre-clinical data on its lead clinical compound, LB-100.
Shares of MariaDB plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrdb#NYSE">MRDB</a>) got a boost, surging 64% to $0.3675 after Progress Software announced that it is possibly considering an offer for the company.
Destiny Tech100 Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dxyz#NYSE">DXYZ</a>) shares were also up, gaining 30% to $11.68 after gaining 9% on Tuesday.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Gamida Cell Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gmda#NASDAQ">GMDA</a>) shares dropped 82% to $0.0620 after the company reported fourth-quarter results and disclosed the commencement of a restructuring process.
Shares of Direct Digital Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/drct#NASDAQ">DRCT</a>) were down 48% to $13.76 after the company reported worse-than-expected fourth-quarter financial results.
Velo3D, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vld#NYSE">VLD</a>) was down, falling 38% to $0.3586 after the company reported worse-than-expected fourth-quarter financial results.
Also Check This Out:<a href="https://www.benzinga.com/news/24/03/37956326/netflix-to-rally-over-15-here-are-10-top-analyst-forecasts-for-wednesday"> Netflix To Rally Over 15%? Here Are 10 Top Analyst Forecasts For Wednesday </a>
&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded down 0.6% to $81.17 while gold traded up 0.8% at $2,194.00.
Silver traded up 0.3% to $24.705 on Wednesday, while copper fell 0.2% to $3.9995.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares were mostly higher today. The eurozone&rsquo;s STOXX 600 rose 0.1%, London&rsquo;s FTSE 100 fell 0.3% while Spain&rsquo;s IBEX 35 Index rose 0.5% The German DAX rose 0.4% French CAC 40 rose 0.2% while Italy&rsquo;s FTSE MIB Index rose 0.1%.
The economic sentiment indicator in the eurozone climbed to a three-month high level of 96.3 in March, while services confidence indicator rose to 6.3 from 6 a month ago. The consumer confidence indicator in the eurozone increased by 0.6 points to a reading of -14.9 in March.
Spain posted a current account surplus of &euro;5,127 million in January, higher than the &euro;2,340 million surplus recorded in year-ago period, while consumer price inflation rate accelerated to 3.2% year-over-year in March. The construction output in Italy surged by 14.8% year-over-year in January, while consumer confidence indicator in France climbed to 91 in March.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mixed on Wednesday, with Japan&rsquo;s Nikkei 225 gaining 0.90%, Hong Kong&rsquo;s Hang Seng Index falling 1.36%, China&rsquo;s Shanghai Composite Index dipping 1.26% and India&rsquo;s S&amp;P BSE Sensex gaining 0.73%.
Profits earned by Chinese industrial firms jumped by 10.2% year-over-year to CNY 914.06 billion during the first two months of the year.
&nbsp;
<h3>Economics</h3>
&nbsp;
U.S. mortgage applications declined by 0.7% on the week ending March 22, 2024.
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Dow Jumps Over 200 Points; UniFirst Posts Downbeat Earnings

UniFirst Sees FY24 Revenue Of $2.415B-$2.425B (Vs. $2.42B Est.), EPS Of $6.80-$7.16 (Vs. $6.90 Est.)

UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) reported quarterly earnings of $1.09 per share which missed the analyst consensus estimate of $1.23 by 11.38 percent. This is a 14.74 percent increase over earnings of $0.95 per share from the same period last year. The company reported quarterly sales of $590.70 million which beat the analyst consensus estimate of $587.84 million by 0.49 percent. This is a 8.85 percent increase over sales of $542.69 million the same period last year.

UniFirst Q2 EPS $1.09 Misses $1.23 Estimate, Sales $590.70M Beat $587.84M Estimate

<h3>Companies Reporting Before The Bell</h3>
&bull; Local Bounti (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOCL#NYSE">LOCL</a>) is projected to report quarterly loss at $2.41 per share on revenue of $8.70 million.
&bull; REE Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REE#NASDAQ">REE</a>) is estimated to report quarterly loss at $2.38 per share on revenue of $1.35 million.
&bull; Precision BioSciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTIL#NASDAQ">DTIL</a>) is projected to report quarterly loss at $2.05 per share on revenue of $12.48 million.
&bull; Edap TMS (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EDAP#NASDAQ">EDAP</a>) is expected to report quarterly loss at $0.05 per share on revenue of $19.66 million.
&bull; Vanguard Extended Duration Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDV#NYSE">EDV</a>) is expected to report earnings for its fourth quarter.
&bull; Cellectar Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLRB#NASDAQ">CLRB</a>) is likely to report earnings for its fourth quarter.
&bull; Gamida Cell (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GMDA#NASDAQ">GMDA</a>) is projected to report quarterly loss at $0.15 per share on revenue of $1.06 million.
&bull; PDS Biotechnology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDSB#NASDAQ">PDSB</a>) is likely to report earnings for its fourth quarter.
&bull; Altimmune (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALT#NASDAQ">ALT</a>) is projected to report earnings for its fourth quarter.
&bull; Syros Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYRS#NASDAQ">SYRS</a>) is estimated to report quarterly loss at $1.14 per share on revenue of $2.00 million.
&bull; Lands&#39; End (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LE#NASDAQ">LE</a>) is expected to report quarterly earnings at $0.21 per share on revenue of $502.71 million.
&bull; Cintas (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>) is projected to report quarterly earnings at $3.58 per share on revenue of $2.39 billion.
&bull; GlycoMimetics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLYC#NASDAQ">GLYC</a>) is projected to report earnings for its fourth quarter.
&bull; Sonida Senior Living (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNDA#NYSE">SNDA</a>) is projected to report earnings for its fourth quarter.
&bull; UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) is projected to report quarterly earnings at $1.42 per share on revenue of $587.84 million.
<h3>Companies Reporting After The Bell</h3>
&bull; Creative Media (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCT#NASDAQ">CMCT</a>) is estimated to report quarterly loss at $0.48 per share on revenue of $30.20 million.
&bull; Draganfly (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPRO#NASDAQ">DPRO</a>) is likely to report earnings for its fourth quarter.
&bull; VNET Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VNET#NASDAQ">VNET</a>) is projected to report quarterly loss at $0.18 per share on revenue of $279.03 million.
&bull; RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) is estimated to report quarterly earnings at $1.67 per share on revenue of $777.48 million.
&bull; American Shared Hospital (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/AMS#AMEX">AMS</a>) is estimated to report quarterly earnings at $0.02 per share on revenue of $5.19 million.
&bull; Cosan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSAN#NYSE">CSAN</a>) is likely to report quarterly earnings at $0.16 per share on revenue of $7.45 billion.
&bull; Greenidge Generation Hldg (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GREE#NASDAQ">GREE</a>) is estimated to report quarterly earnings at $0.25 per share on revenue of $26.70 million.
&bull; Gaia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GAIA#NASDAQ">GAIA</a>) is estimated to report quarterly loss at $0.02 per share on revenue of $21.00 million.
&bull; Allied Gaming (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGAE#NASDAQ">AGAE</a>) is projected to report earnings for its fourth quarter.
&bull; Jefferies Financial Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>) is likely to report quarterly earnings at $0.75 per share on revenue of $1.52 billion.
&bull; LogicMark (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGMK#NASDAQ">LGMK</a>) is expected to report quarterly loss at $1.73 per share on revenue of $2.28 million.
&bull; H.B. Fuller (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>) is projected to report quarterly earnings at $0.64 per share on revenue of $825.03 million.
&bull; Sprinklr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXM#NYSE">CXM</a>) is likely to report quarterly earnings at $0.09 per share on revenue of $188.73 million.
&bull; Dynagas LNG Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLNG#NYSE">DLNG</a>) is expected to report quarterly earnings at $0.30 per share on revenue of $38.21 million.
&bull; Durect (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRRX#NASDAQ">DRRX</a>) is estimated to report quarterly loss at $0.33 per share on revenue of $2.48 million.
&bull; Celcuity (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELC#NASDAQ">CELC</a>) is expected to report earnings for its fourth quarter.
&bull; BioCardia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCDA#NASDAQ">BCDA</a>) is estimated to report quarterly loss at $0.11 per share on revenue of $90 thousand.
&bull; Consolidated Water Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CWCO#NASDAQ">CWCO</a>) is likely to report quarterly earnings at $0.44 per share on revenue of $45.25 million.
&bull; Silver Spike Investment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSIC#NASDAQ">SSIC</a>) is projected to report quarterly earnings at $0.27 per share on revenue of $3.37 million.
&bull; Urban-gro (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UGRO#NASDAQ">UGRO</a>) is estimated to report quarterly loss at $0.13 per share on revenue of $28.94 million.
&bull; PLBY Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLBY#NASDAQ">PLBY</a>) is estimated to report quarterly loss at $0.14 per share on revenue of $32.27 million.
&bull; Usio (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USIO#NASDAQ">USIO</a>) is projected to report quarterly earnings at $0.00 per share on revenue of $20.43 million.
&bull; Franklin Covey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FC#NYSE">FC</a>) is estimated to report quarterly earnings at $0.05 per share on revenue of $62.02 million.
&bull; Super League Enterprise (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLE#NASDAQ">SLE</a>) is estimated to report quarterly loss at $1.20 per share on revenue of $9.30 million.
&bull; Spectral AI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDAI#NASDAQ">MDAI</a>) is estimated to report quarterly loss at $0.40 per share on revenue of $4.60 million.
&bull; Strata Skin Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSKN#NASDAQ">SSKN</a>) is estimated to report quarterly loss at $0.02 per share on revenue of $10.01 million.
&bull; Verint Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNT#NASDAQ">VRNT</a>) is estimated to report quarterly earnings at $0.97 per share on revenue of $263.12 million.
&bull; Eastside Distilling (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EAST#NASDAQ">EAST</a>) is projected to report quarterly loss at $0.90 per share on revenue of $3.68 million.
&bull; Braze (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BRZE#NASDAQ">BRZE</a>) is likely to report quarterly loss at $0.05 per share on revenue of $124.86 million.
&bull; Oncology Institute (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOI#NASDAQ">TOI</a>) is expected to report quarterly loss at $0.11 per share on revenue of $82.04 million.
&bull; Aqua Metals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AQMS#NASDAQ">AQMS</a>) is expected to report quarterly loss at $0.05 per share on revenue of $50 thousand.
&bull; Kingstone Companies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KINS#NASDAQ">KINS</a>) is estimated to report quarterly loss at $0.08 per share on revenue of $29.65 million.
&bull; MillerKnoll (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLKN#NASDAQ">MLKN</a>) is projected to report quarterly earnings at $0.44 per share on revenue of $909.50 million.
&bull; Rumble (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) is likely to report quarterly loss at $0.22 per share on revenue of $28.13 million.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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Earnings Scheduled For March 27, 2024

UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-03-27. Here's what investors need to know before the announcement.
Analysts estimate that UniFirst will report an earnings per share (EPS) of $1.42. 
UniFirst bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company beat EPS by $0.20, which was followed by a 2.69% drop in the share price the next day.
Here's a look at UniFirst's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>2.18</td>
<td>1.63</td>
<td>1.79</td>
<td>1.38</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>2.38</td>
<td>1.75</td>
<td>1.66</td>
<td>1.39</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-3.0%</td>
<td>-3.0%</td>
<td>1.0%</td>
<td>0.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1711476031_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of UniFirst were trading at $168.69 as of March 25. Over the last 52-week period, shares are down 3.23%. Given that these returns are generally negative, long-term shareholders are likely bearish going into this earnings release. 
<a href="https://www.benzinga.com/quote/UNF/earnings">To track all earnings releases for UniFirst visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Preview For UniFirst

UniFirst Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unf#NYSE">UNF</a>) is expected to release earnings results for its second quarter, before the <a href="https://www.benzinga.com/quote/UNF/earnings">opening bell on March 27, 2024.</a>
Analysts expect the Wilmington, Massachusetts-based company to report quarterly earnings at $1.43 per share, up from $1.39 per share in the year-ago quarter. UniFirst is projected to report quarterly revenue of $587.84 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Jan. 3, UniFirst said first-quarter sales grew 9.5% Y/Y to $593.5 million, beating the consensus of $589.6 million. 
UniFirst shares fell 0.8% to close at $168.69 on Monday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie"> Analyst Stock Ratings </a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let&rsquo;s have a look at how Benzinga&rsquo;s most-accurate <a href="https://www.benzinga.com/quote/UNF/analyst-ratings"> analysts have rated the company </a> in the recent period.
<ul>
<li>Barclays analyst Manav Patnaik maintained an Equal-Weight rating and boosted the price target from $160 to $180 on Feb. 29, 2024. This analyst has an accuracy rate of 76%.</li>
<li>Baird analyst Andrew Wittmann downgraded the stock from Outperform to Neutral with a price target of $185 on Jan. 4, 2024. This analyst has an accuracy rate of 80%.</li>
<li>JP Morgan analyst Andrew Steinerman maintained an Underweight rating and increased the price target from $150 to $160 on Oct. 19, 2023. This analyst has an accuracy rate of 81%.</li>
<li>UBS analyst Joshua Chan initiated coverage on the stock with a Neutral rating and a price target of $185 on June 1, 2023. This analyst has an accuracy rate of 76%.</li>
</ul>
&nbsp;
Read This Next: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37908125/cramer-isnt-knocking-this-pharma-firm-anymore-as-a-matter-of-fact-im-going-in"> Cramer Isn&#39;t &#39;Knocking&#39; This Pharma Firm Anymore: &#39;As A Matter Of Fact, I&#39;m Going In&#39; </a>

UniFirst Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Barclays analyst Manav Patnaik maintains UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) with a Equal-Weight and raises the price target from $160 to $180.

Barclays Maintains Equal-Weight on UniFirst, Raises Price Target to $180

The most oversold stocks in the industrials presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>EVI Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/evi#NYSE">EVI</a>)</h3>
<ul>
<li>On Nov. 9, EVI Industries posted a decline in first-quarter EPS. Henry M. Nahmad, EVI&rsquo;s Chairman and CEO, commented, &quot;EVI delivered record revenue and gross profit during the quarter. Our results are a testament to the dedication of our team and their thoughtful execution of various initiatives they have undertaken to drive growth, modernize operations, and improve profitability.&rdquo; The company&rsquo;s stock fell around 12% over the past month and has a <a href="https://www.benzinga.com/quote/EVI">52-week low of $17.00 </a>.</li>
<li>RSI Value: 22.88</li>
<li>EVI Price Action: Shares of EVI Industries fell 2.5% to close at $20.81 on Tuesday.</li>
</ul>
<h3>UniFirst Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unf#NYSE">UNF</a>)</h3>
<ul>
<li>On Jan. 3, UniFirst said first-quarter sales grew 9.5% Y/Y to $593.5 million, beating the consensus of $589.6 million. UniFirst reiterated revenue guidance of $2.415 billion- $2.435 billion but sees the lower half of the range as more likely achievable due to recent trends in its Core Laundry Operations in the latter half of the quarter. The company&rsquo;s stock fell around 7% over the past month. It <a href="https://www.benzinga.com/quote/UNF"> has a 52-week low </a> of $150.50.</li>
<li>RSI Value: 29.39</li>
<li>UNF Price Action: Shares of UniFirst fell 0.9% to close at $167.44 on Tuesday.</li>
</ul>
<h3>John Bean Technologies Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jbt#NYSE">JBT</a>)</h3>
<ul>
<li>On Dec. 13, JBT submitted enhanced proposal to acquire Marel hf for &euro;3.40 per share. The company&rsquo;s stock fell around 12% over the past month and has a 52-week <a href="https://www.benzinga.com/quote/JBT"> low of $90.21.</a></li>
<li>RSI Value: 21.65</li>
<li>JBT Price Action: Shares of John Bean Technologies fell 2% to close at $91.96 on Tuesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/01/36642551/tilray-brands-and-2-other-stocks-under-2-insiders-are-buying"> Tilray Brands And 2 Other Stocks Under $2 Insiders Are Buying </a>

Long Ideas

Pre-Market Outlook

Top 3 Industrials Stocks That Could Blast Off In January

UniFirst (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unf#NYSE">UNF</a>) had a decent first quarter but provided weak guidance, sending shares down nearly 10%. As bad as the move sounds, it&#39;s a knee-jerk reaction in a stock whose future is bright. While guidance was weak, the company continues to expect growth and margin improvement driven by organic gains, penetration and recent acquisitions, all of which will aid cash flow, profits and capital returns. Regarding capital returns, this stock is reminiscent of another high-quality growth stock that happens to be in the same industry: Cintas (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ctas#NASDAQ">CTAS</a>).&nbsp;
Cintas leveraged its fortress balance sheet to produce triple-digit revenue growth over the last ten years while paying dividends and buying back shares, so this is no idle comparison. In that time, Cintas&#39; share price increased more than 500%, not counting the dividend.&nbsp;
Cintas&#39;s dividend isn&#39;t a high-yield but is among the most reliable on Wall Street. The payout is worth about 1% at face value but has grown 460% since 2015 and is on track to grow robustly. Cintas pays only 36% of its earnings as dividends and has ample coverage to continue annual increases without earnings growth, and growth is in the forecast. Analysts expect Cintas to grow its earnings by double-digits this year and next.&nbsp;
<img alt="Cintas Stock chart " class="aligncenter" src="https://www.marketbeat.com/logos/articles/med_20240103094636_chart-ctas-132024ver001.png" style="height:439px; width:914px" />
<h2>UniFirst falls on weak outlook; company continues to grow</h2>
UniFirst had a solid quarter in Q1 2024, producing $593.5 million in net revenue for a gain of 9.5% compared to last year. The top-line results outpaced the Marketbeat.com consensus by 100 basis points and are compounded by a widening margin. Strength was seen in both segments, with core operations growing by 9.8%, including acquisitions and 5.2% organically. Specialty Garments, a small portion of revenue, grew by 1.3% but posted the largest improvement in margin.&nbsp;
Margin improvement is significant, with CRM, ERP and branding initiatives aiding growth and leverage. The company reported a 22.% improvement in operating income, a 24.6% increase in net income and a 25% increase in diluted earnings to beat consensus by a nickel.&nbsp;
The bad news is that quarter-ending trends in the core business led management to dampen the outlook for the year. Management reiterated its previous guidance, which is shy of the consensus estimate, and cautioned that results would likely fall in the lower half of the range. Even so, management expects 8% growth this year at the range&#39;s low end, and growth will likely persist in F2025.&nbsp;
Labor markets remain resilient despite an expectation for slowing. The takeaway from the labor data is that labor markets are still in excellent health relative to the pre-pandemic period. Because the Fed has signaled a peak to interest rates and expects rate cuts to begin this year, investors may also expect to see business investment and hiring pick up in response. Hiring is good news for UniFirst and Cintas. The caveat to that outlook is that the first interest rate cuts are not seriously expected until mid-year.&nbsp;
<h2>UniFirst cheap compared to Cintas, on track for dividend growth</h2>
UniFirst is in a different position than Cintas but is on track to follow in its footsteps, which is true for the dividend. The company pays a low 17% of its earnings with earnings growth in the forecast and a fortress balance sheet to back it up, so it can sustain increases similarly.&nbsp;
As it is, UniFirst has only ever increased its payment and has made consecutive annual increases for three years. Assuming that UNF continues to increase at the current pace, near 30%, it should have no trouble getting the yield up to match Cintas and may even spark a price-multiple expansion<a href="https://www.marketbeat.com/originals/unifirst-undervalued-at-rock-bottom-prices/"> </a>within the next year or two.&nbsp;
UniFirst is cheap, trading at 24X earnings compared to Cintas 45X, but there are history, size and dividend payments in the balance. Cintas is larger, has a longer history of dividend payments and increases, and pays a larger portion of earnings, so it should command a higher value.
<h2>The technical outlook: UniFirst falls to support, buying the dip</h2>
The price action in UniFirst fell nearly 10% after the opening and may remain under pressure for the next few months or quarters, but support is evident. Buyers are holding prices above critical support near $161, which has been the floor for the last two years. Assuming the market can hold at this level, shares of UNF should move sideways within their range until later in the year, when economic activity is expected to improve.&nbsp;
<img alt="UniFirst stock chart " class="aligncenter" src="https://www.marketbeat.com/logos/articles/med_20240103094647_chart-unf-132023ver001.png" style="height:439px; width:914px" />
The article &quot;<a href="https://www.marketbeat.com/originals/unifirst-stock-falls-into-the-buy-zone/">UniFirst stock falls into the buy zone</a>&quot; first appeared on MarketBeat.

UniFirst Stock Falls Into The Buy Zone

Baird analyst Andrew Wittmann downgrades UniFirst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) from Outperform to Neutral and announces $185 price target.

Downgrades

Baird Downgrades UniFirst to Neutral, Announces $185 Price Target

Third Avenue Small Cap Value Fund Q2 2024 Commentary

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Vestis Corp.: Tangible Improvements To Organic Growth Need To Be Seen

UniFirst ( ($UNF) ) just unveiled an update. UniFirst Corporation has announced the appointment of Kelly Rooney as the new Chief Operating Officer,...

UniFirst Announces New COO and Executive Transition

Barclays analyst Manav Patnaik maintained a Hold rating on UniFirst (UNF – Research Report) today and set a price target of $180.00. The company's ...

Barclays Reaffirms Their Hold Rating on UniFirst (UNF)

UniFirst rejects takeover offer from Elis - Bloomberg

The U.S.-based UniFirst Corp. ($UNF) has reportedly rejected the takeover offer from France's Elis SA ($FR:ELIS). According to Bloomberg, Elis reac...

UniFirst Rejects Elis Offer as Vestis Talks Progress

Vestis falls as Elis says it ends talks with the company and UniFirst

Vestis falls as Elis says it ends talks with the company and UniFirst (update)

Vestis may be worth at least $18 a share in a takeover -analyst

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SUPN

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Press Releases

UniFirst named one of Selling Power's 'Best Companies to Sell For' in 2024

UniFirst Announces 2024 Aldo Croatti and Ronald D. Croatti Scholarship Recipients

UniFirst celebrates grand opening of state-of-the-art uniform service and processing facility in London, Ontario

UniFirst Corporation Plans to Announce Fourth Quarter Results on October 23, 2024

UniFirst Corporation Announces Leadership Changes: Kelly Rooney Named Chief Operating Officer and Michael Croatti to Transition from Executive Role

UniFirst No. 9 Chevrolet driven by Chase Elliott returns to the track for Sunday's NASCAR Cup Series playoff race in Kansas

UniFirst Corporation Issues Statement Related to Recent Industry Activity

UniFirst unveils state-of-the-art uniform processing Facility serving Syracuse

UniFirst No. 9 Chevrolet takes final laps of the 2024 season at the NASCAR Cup Series playoff race in Charlotte

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