WILMINGTON, Mass. - UniFirst Corporation (NYSE: NYSE:UNF), a prominent North American provider of uniform and workwear programs, has announced the appointment of Kelly Rooney as Chief Operating Officer, effective September 30, 2024. Rooney, who brings over 25 years of experience in B2B route-based operations, will take over the company's day-to-day operations with a focus on growth, customer service, and operational efficiencies.
Rooney's appointment comes as part of a strategic leadership transition at UniFirst. She is known for her innovative leadership and systematic approach, which have led to significant results in her previous roles, including her most recent position as Chief Human Resources Officer at Waste Management (NYSE:WM).
"We are thrilled to welcome Kelly to the team," said Steve Sintros, CEO of UniFirst. "Her talent and passion for empowering workforces to succeed fit like a glove with our culture."
In addition to Rooney's appointment, the company disclosed that Michael Croatti, Executive Vice President, will transition from his current role in November 2024. Croatti, who has contributed to UniFirst's success over a 35-year career, plans to remain involved as a consultant, focusing on customer and industry partnerships.
"This decision comes after much reflection," Croatti shared, emphasizing his deep connection to the company.
Sintros expressed gratitude for Croatti's continued involvement, acknowledging his substantial contributions to UniFirst's success.
These leadership changes reflect UniFirst's commitment to its core values and relationships while striving for continued success. The company, headquartered in Wilmington, Massachusetts, services over 300,000 customer locations through its 270 service locations and 16,000 employee team partners.
This news is based on a press release statement from UniFirst Corporation.
In other recent news, UniFirst Corporation reported a solid 4.6% increase in overall revenues for the third quarter of fiscal year 2024, with its Core Laundry Operations showing an organic growth of 4.7%. Additionally, the company's operating income, EBITDA, and cash flow from operating activities all saw significant increases. Despite facing a challenging pricing environment and heightened competition, UniFirst maintains a strong financial position with no long-term debt and substantial cash reserves.
The company's outlook for fiscal year 2024 remains steady, expecting revenues between $2.415 billion and $2.425 billion, and diluted earnings per share ranging from $7.17 to $7.49. UniFirst also anticipates more modest organic growth for fiscal year 2025 but is optimistic about opportunities in the national accounts market.
Investments in new facilities and technology have been made to enhance service execution and customer experience. Meanwhile, UniFirst's financial strength is underscored by its cash and cash equivalents totaling $125.4 million and a significant increase in cash flow from operating activities. These are among the latest developments for UniFirst.
InvestingPro Insights
As UniFirst Corporation (NYSE: UNF) welcomes Kelly Rooney as their new Chief Operating Officer, the company's financial health and market position remain robust. An analysis of UniFirst's recent financial data reveals several positive indicators. The company boasts a market capitalization of $3.54 billion, reflecting its significant presence in the uniform and workwear industry. Additionally, UniFirst holds more cash than debt on its balance sheet, providing a solid foundation for Rooney's operational growth strategies. This financial stability is further underscored by UniFirst's record of raising its dividend for six consecutive years, showcasing a commitment to delivering shareholder value.
InvestingPro Tips highlight that UniFirst has maintained dividend payments for an impressive 42 consecutive years, a testament to its consistent performance and prudent financial management. This is coupled with a strong return over the last three months, where the company's stock price has seen a 23.62% total return, signaling investor confidence in its growth trajectory. Moreover, analysts have revised their earnings upwards for the upcoming period, suggesting potential for continued financial success under the new leadership.
With these insights in mind, UniFirst's focus on growth, customer service, and operational efficiencies aligns with its solid financial metrics and favorable analyst outlook. For more in-depth analysis and additional InvestingPro Tips on UniFirst Corporation, interested readers can explore https://www.investing.com/pro/UNF, which includes a comprehensive list of 7 additional tips to consider.
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