UniFirst Corporation (NYSE: UNF) shares jumped mid-week Wednesday, soon after the company reported results for its second quarter ended February 24, 2024 as compared to the corresponding period in the prior fiscal year:
Consolidated revenues for the second quarter increased 8.8% to $590.7 million. Operating income jumped 34.9% ti $27.9 million.
Net income increased to $20.5 million from $17.8 million in the prior year, or 14.9%. EBITDA increased to $62.5 million compared to $50.5 million in the prior year, or 23.8%.
The Company's financial results for the second quarter of fiscal 2024 and 2023 included approximately $3.2 million and $9.1 million, respectively, of costs directly attributable to its customer relationship management computer system, enterprise resource planning system and branding initiatives. In addition, the Company incurred costs related to the acquisition of Clean Uniform during the second quarter of fiscal 2023 of approximately $2.0 million. The effect of these items on the second quarter of fiscal 2024 and 2023 combined to decrease.
Operating income fell $3.2 million and EBITDA by $11.1 million. Net income by $2.5 million and $8.3 million, respectively. Diluted earnings per share by $0.13 and $0.44, respectively.
UNF shares popped $4.38, or 2.6%, to $171.53.
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