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March 27, 2013
10:55 EDTUNFUniFirst on rise following Q2 results, increased guidance
UniFirst (UNF) is climbing after reporting second quarter earnings that beat analysts' estimates and raising its fiscal 2013 view. WHAT'S NEW: UniFirst reported Q2 earnings per share of $1.33, against estimates for $1.13, on revenue of $334.3M, against estimates for $328.59M. Second quarter revenues in the Core Laundry operations were up 8.8% from the year-ago period to $301.6M. Based on the strength of the first half of the year, the company raised its FY13 EPS view to $5.65-$5.80 from $5.10-$5.25, against estimates for $5.22. The company also raised its revenue view to $1.344B-$1.354B from $1.335B-$1.348B, against estimates for $1.34B. UniFirst said its guidance assumes no further deterioration of the U.S. economy and includes an extra week of operations in the fourth quarter. CEO Ronald D. Croatti commented that "businesses remain hesitant to add new costs, including new employees who are potential wearers of our uniforms." WHAT'S NOTABLE: On its earnings conference call, the company said it expects to report a "solid" year of growth in 2013, but believes the growth rate will slow down some to mid-single digits for the remainder of the year. The company expects its Core Laundry operations will grow about 5% over the second half of the year and said it continues to look for acquisition targets. Looking past the fiscal year, the company anticipates mid-single digit top-line growth. TODAY'S PRICE ACTION: In mid-morning trading, the stock rose $1.95, or 1.8%, to $90.16.
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