Unifirst (UNF) Q1 FY2024 earnings: revenue $594 million, up 9.5% on the year

Unifirst Corp. (UNF) reported revenue of $594 million for Q1 FY2024, the quarter ended 25 November 2023, up 9.5% on the same quarter a year earlier. Net income was $42 million, up 24.6% on the year, and diluted earnings per share $2.26. The figures are the company's own, from the 10-Q it filed with the SEC on 4 January 2024.

Revenue$594 millionup 9.5%

Net income$42 millionup 24.6%

Diluted EPS$2.26

QuarterQ1 FY2024ended 25 November 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	594	572	n/a	n/a
Cost of revenue	384	378	n/a	n/a
Gross profit	210	194	n/a	n/a
Gross margin	35.3%	33.9%	n/a
Selling, general and administrative	123	125	n/a	n/a
Operating income	53.1	36.1	n/a	n/a
Operating margin	9.0%	6.3%	n/a
Pre-tax income	55.3	36.5	n/a	n/a
Income tax	12.9	8.9	n/a	n/a
Effective tax rate	23.4%	24.3%	n/a
Net income	42.3	27.6	n/a	n/a
Net margin	7.1%	4.8%	n/a
Diluted EPS	$2.26	$1.47	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	45.7	73.0	n/a	n/a
Capital expenditure	39.0	47.9	n/a	n/a
Free cash flow	6.6	25.0	n/a	n/a
Free cash flow margin	1.1%	4.4%	n/a
Cash from investing	-39.6	-47.9	n/a	n/a
Cash from financing	-8.1	-5.6	n/a	n/a
Depreciation and amortisation	33.7	33.1	n/a	n/a
Share-based compensation	2.5	2.2	n/a	n/a
Buybacks	0.3	0.0	n/a	n/a
Dividends paid	5.6	5.6	n/a	n/a
Diluted shares, weighted	19m	19m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,040	2,004	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	50.3	47.0	n/a	n/a
Other liabilities	512	519	n/a	n/a
Total liabilities and equity	2,602	2,570	n/a	n/a
Fixed assets	767	757	n/a	n/a
Goodwill	649	648	n/a	n/a
Intangible assets	138	146	n/a	n/a
Investments	11.4	10.2	n/a	n/a
Cash and equivalents	77.4	79.4	n/a	n/a
Receivables	299	279	n/a	n/a
Inventory	149	148	n/a	n/a
Other assets	511	503	n/a	n/a
Total assets	2,602	2,570	n/a	n/a

Questions

What was Unifirst's revenue in Q1 FY2024?

Unifirst (UNF) reported revenue of $594 million for Q1 FY2024, the quarter ended 25 November 2023, up 9.5% on the same quarter a year earlier.

How much did Unifirst earn in Q1 FY2024?

Net income for Q1 FY2024 was $42 million, up 24.6% on the year, and diluted earnings per share $2.26.

When did Unifirst report Q1 FY2024 results?

Unifirst filed its 10-Q for the quarter ended 25 November 2023 with the SEC on 4 January 2024.

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	572	594	591	603	640	605	602	611	614	621	623	634
Cost of revenue	378	384	396	391	409	381	394	385	382	393	404	400
Gross profit	194	210	195	212	231	224	208	226	232	228	219	235
Gross margin	34%	35%	33%	35%	36%	37%	35%	37%	38%	37%	35%	37%
SG&A	125	123	131	129	139	134	142	143	147	148	157	176
Operating income	36.1	53.1	27.9	48.5	54.0	55.5	31.2	48.2	49.6	45.3	26.0	23.0
Operating margin	6%	9%	5%	8%	8%	9%	5%	8%	8%	7%	4%	4%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	2.2	n/a	n/a	n/a	1.6	n/a
Pre-tax income	36.5	55.3	27.7	49.3	57.1	57.9	32.6	53.4	51.4	47.0	27.3	24.4
Tax rate	24%	23%	26%	23%	22%	26%	25%	26%	20%	27%	25%	19%
Net income	27.6	42.3	20.5	38.1	44.6	43.1	24.5	39.7	41.0	34.4	20.5	19.9
Net margin	5%	7%	3%	6%	7%	7%	4%	6%	7%	6%	3%	3%
Diluted EPS	$1.47	$2.26	$1.09	$2.03	$2.39	$2.31	$1.31	$2.13	$2.23	$1.89	$1.13	$1.09
Operating cash flow	73.0	45.7	61.1	86.3	102	58.1	70.2	68.2	100	14.9	73.6	50.9
Capital expenditure	47.9	39.0	33.9	49.0	38.5	33.6	32.5	43.7	44.5	38.9	38.4	29.7
Free cash flow	25.0	6.6	27.2	37.3	63.8	24.6	37.7	24.4	55.9	-24.0	35.2	21.2
Buybacks	0.0	0.3	7.9	7.8	7.8	6.4	6.2	13.1	45.3	32.7	0.0	0.0
Dividends paid	5.6	5.6	5.9	5.9	5.9	5.9	6.3	6.2	6.2	6.1	6.3	6.3
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 25 November 2023, filed 4 January 2024, accession 0000950170-24-001773: the filing on EDGAR. All of Unifirst Corp.'s filings: EDGAR company page.

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