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Unifirst Corporation (UNF+2.62%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $604,908,000 from $593,525,000 in the same quarter the previous year. This increase was primarily due to growth in Core Laundry Operations and Specialty Garments.
Cost of revenues decreased to $381,054,000, representing 63% of sales, compared to 64.7% in the same quarter of the previous year. The decrease is attributed to lower merchandise costs and other production costs.
Selling and administrative expenses increased to $133,515,000 from $122,859,000, primarily due to increased healthcare costs, environmental-related costs, and executive transition costs.
Net income for the quarter was $43,105,000, up from $42,325,000 in the previous year, with the increase attributed to improved profitability and lower working capital needs.
Cash provided by operating activities was $58,124,000, while cash used in investing and financing activities was $37,460,000 and $15,551,000, respectively.
Unifirst had a working capital of $181,000,000 as of November 30, 2024. The company anticipates that its current cash and cash equivalents, future cash flows, and available credit will be sufficient to meet its working capital and capital expenditure requirements for at least the next 12 months.
The filing also details various financial agreements, including an amended and restated $275,000,000 unsecured revolving credit agreement with a syndicate of banks.
Unifirst does not anticipate any material changes to its contractual obligations as disclosed in its previous annual report.
The company continues to focus on its Key Initiatives, including the implementation of a new enterprise resource planning system, to improve operational efficiency and support future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Unifirst Corporation quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.