Stock News Buzz: UniFirst Corporation (NYSE: UNF)

UniFirst Corporation (NYSE: UNF) stock observed trading -17.34% off 52-week high price. On the other end, the stock has been noted 47.77% away from low price over the last 52-weeks. The stock disclosed a move of 13.72% away from 50 day moving average and -4.67% away from 200 day moving average. Moving closer, we can see that shares have been trading 7.96% off 20-day moving average. It has market cap of $3425.88M and dividend yield of 0.56%.

UniFirst Corporation (UNF) recently stated results for its third quarter ended May 30, 2020 as contrast to the corresponding period in the previous fiscal year:

Q3 2020 Financial Highlights

  • Consolidated revenues for the third quarter reduced 1.8% to $445.5M.
  • Operating income was $27.7M, a decrease of 54.0%.
  • The effective tax rate for the quarter reduced to 21.8% from 23.5%.
  • Net income in the quarter reduced to $21.3M from $47.2M, or 54.9%.
  • Diluted earnings per share reduced to $1.12 from $2.46, or 54.5%.

Balance Sheet and Capital Allocation

  • Cash, cash equivalents and short-term investments totaled $421.3M as of May 30, 2020.
  • The Company had no long-term debt outstanding as of May 30, 2020.
  • Under its before reported stock repurchase program, the Company repurchased 46,667 shares of ordinary stock for a total of $7.5M during its third fiscal quarter of 2020. The Company has not repurchased any additional shares since early in its fiscal quarter Because of the uncertainty related to the COVID-19 pandemic. As of May 30, 2020, the Company had repurchased a total of 314,917 shares of ordinary stock for a total of $52.3M under the program.
  • Weighted average shares outstanding – Diluted for the third quarter of fiscal 2020 and fiscal 2019 was 19.0M and 19.2M shares, respectively.

Financial Outlook

Mr. Sintros continued, “As a result of the phased reopening of businesses in many states, our revenues have partially recovered from the lower levels experienced during the quarter. However, Because of the evolving nature of the pandemic and its impact on our communities, we continue to believe that our ability to assess the financial impact on our business remains limited. As a result, we are not providing guidance for the remainder of our fiscal 2020. We believe that our strong balance sheet positions us well to weather this disruption and maintain focus on the care of our Team Partners, our consumers and our communities.”

USA based company UniFirst Corporation moved with change of 0.18% to $180.12 with the total traded volume of 75914 shares in recent session versus to an average volume of 118.19K. The stock was observed in the 5 days activity at 4.81%. Right now, the stock beta is 0.89. The average volatility for the week and month was at 2.77% and 3.77% respectively.

Gordon Mantz

Business News My Name is Gordon Mantz and I am also the main source from the ‘Worldnewsheardnow.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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