UniFirst Corp (NYSE:UNF) reports Q3 revenue surge, income soars 56.8%

In a remarkable financial performance update, UniFirst Corporation (NYSE:UNF) has reported a substantial rise in its third-quarter financial metrics for fiscal 2024.

The company's consolidated revenues saw an uplift of 4.6%, reaching $603.3 million, primarily fueled by its Core Laundry Operations, which recorded a 5.3% increase in revenues to $528.5 million.

Operating income for the quarter surged by 45.1% to $48.5 million, alongside a significant jump in net income, which rose by 56.8% to $38.1 million.

The improvement in net income is partly due to a reduction in the quarterly tax rate, which dropped to 22.9% from 27.2% the previous year.

Additionally, the company's EBITDA increased by 29% to $82.5 million, with the EBITDA margin for the Core Laundry Operations climbing to 13.1%.

These financial gains were supported by UniFirst's successful execution of several key initiatives, positioning the company for continued growth in the competitive laundry services sector.