| 2016-10-19 08:07:31|
UNF 08:07 10/19 10/19/16
UniFirst sees FY17 EPS $5.00-$5.15, consensus $5.85
Sees FY17 revenue $1.55B-$1.57B, consensus $1.52B. Ronald Croatti, UniFirst CEO said, The projected decline in our earnings next year is primarily the result of the slower top line growth we have recently been experiencing coupled with increases in labor and labor related costs as well as the impact of other investments we continue to make in our Company. Our guidance assumes no significant further deterioration in our wearer base as a result of additional layoffs in energy dependent markets that we service." This guidance includes the results of Arrow Uniform, the acquisition which was completed in late September 2016. The company expects this acquisition to add between $62 million and $65 million to its annual revenues and that it will be dilutive to fiscal 2017 earnings, partially due to non-cash purchase accounting charges.