You might also like
UniFirst Corporation (NYSE: UNF) is a leading provider of workplace uniforms, protective workwear, and facility service products in North America. The company designs, manufactures, personalizes, rents, cleans, delivers, and sells uniforms and protective clothing, along with industrial wiping products, floor mats, restroom supplies, and first aid and safety services. UniFirst serves businesses across various industries, including healthcare, manufacturing, food service, and transportation, with operations spanning the U.S., Canada, and Europe.
- Core Laundry Operations - Designs, manufactures, personalizes, rents, cleans, delivers, and sells uniforms and protective clothing, industrial wiping products, floor mats, restroom supplies, and other non-garment items.
- Specialty Garments - Provides specialized garments and non-garment items for nuclear and cleanroom applications, along with cleanroom cleaning services.
- First Aid - Offers first aid cabinet services, safety supplies, safety training, and wholesale distribution of non-prescription medicines.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Steven S. Sintros ExecutiveBoard | President and Chief Executive Officer | Steven S. Sintros has been the President and Chief Executive Officer of UniFirst Corporation since July 2017. Previously, he served as Chief Financial Officer from January 2009 to January 2018 and held other financial roles beginning in 2004. | View Report → | |
David A. DiFillippo Executive | Executive Vice President, Operations | David A. DiFillippo has served as the Executive Vice President, Operations at UNF since 2002, having joined the company in 1979. Prior to his current role, he was Vice President, Central Rental Group from 2000 to 2002 and served as a Regional General Manager before 2000. | ||
David M. Katz Executive | Executive Vice President, Sales and Marketing | David M. Katz is the Executive Vice President, Sales and Marketing at UNF since 2009. He previously held senior roles at DHL Express including Northeast Vice President of Field Sales (2003–2007), Northeast Vice President of National Account Sales (2007–2008), and Senior Vice President and General Manager of the Northeast (2008–2009). | ||
Kelly Rooney Executive | Executive Vice President and Chief Operating Officer | Kelly Rooney is the Executive Vice President and Chief Operating Officer at UniFirst Corporation since September 30, 2024, with a focus on operational efficiencies and growth; she previously held senior roles at Waste Management, Inc. and Advanced Disposal Services, Inc. | ||
Shane O’Connor Executive | Executive Vice President and Chief Financial Officer | Shane O’Connor is the Executive Vice President and Chief Financial Officer at UNF since January 2018, previously serving as Corporate Controller from 2009 to 2016 and as Senior Vice President & CFO at Unidine Corporation from 2016 to January 2018. | ||
William M. Ross Executive | Executive Vice President, Operations | William M. Ross is the Executive Vice President, Operations at UniFirst Corporation since 2016, having joined the company in 1989 and served as Regional Vice President from 2002 to 2016. | ||
Cecilia McKenney Board | Director (Class III Director) | Senior Vice President and Chief Human Resources Officer at Quest Diagnostics; Quest Diagnostics Foundation; Catholic Charities Archdiocese of New York; St. Joseph’s Health Foundation | Cecilia McKenney joined UniFirst Corporation as a Director on May 31, 2024. She brings extensive leadership experience from her role as Senior Vice President and Chief Human Resources Officer at Quest Diagnostics since 2018, along with prior executive positions at Frontier Communications and Pepsi Bottling Group. | |
Cynthia Croatti Board | Director | Cynthia Croatti joined UniFirst in 1980 and has been serving as a Director since 1995, following her tenure as Executive Vice President until her retirement in 2022. | ||
Joseph M. Nowicki Board | Director at UniFirst Corporation | Board Member at LL Flooring Holdings, Inc. ; Chair of the Audit Committee at LL Flooring Holdings, Inc. ; Member of the Compliance and Regulatory Affairs Committee at LL Flooring Holdings, Inc. | Joseph M. Nowicki has served as Director at UniFirst Corporation since April 5, 2022. He brings extensive leadership, business, and financial experience from previous roles including Executive VP & CFO at Beacon Roofing Supply, Inc. from 2013 to 2020 and CFO at Spartan Motors, Inc. from 2009 to 2013. | |
Michael Iandoli Board | Director of the Company | Michael Iandoli has served as a Director at UniFirst Corporation since 2007 and holds key committee positions including Audit, Compensation (as Chair), and Nominating and Corporate Governance. He previously held executive roles at PEAK Technical Staffing USA and TAC Worldwide Companies. | ||
Raymond C. Zemlin Board | Chairman of the Board of Directors | Raymond C. Zemlin has served as Director since January 2017 and as Chairman of the Board since October 2017, bringing over 35 years of legal expertise; he previously was a partner at Goodwin Procter LLP until his retirement in September 2017. | ||
Sergio A. Pupkin Board | Director | Board Member of Sterilex; Board Member of Circularix | Sergio A. Pupkin has been serving as a Director of UniFirst Corporation since October 2022 and is the Chair of the ESG Committee, bringing extensive experience in strategy, corporate development, and international marketing. |
-
Given your comments about weaker wearer levels showing incremental weakness versus a year ago and the challenging pricing environment impacting retention rates, how confident are you in achieving your stated goal of returning to mid-single-digit growth, and what specific metrics should investors be watching for improvement?
-
You mentioned your aspiration to achieve EBITDA margins in the high teens, yet current margins remain significantly below this target despite years of investment; can you provide a more concrete timeline for when shareholders can expect to see material margin expansion and the specific drivers that will get you there?
-
With your First Aid segment showing only nominal operating income of $0.3 million despite continued investments in the van business, what are the specific milestones or KPIs that would indicate this business is on track to become meaningfully profitable, and how much more investment is required?
-
Considering the Cintas offer represented a substantial premium to your current share price, can you elaborate on the specific "execution and business risk" factors the Board cited in rejecting the proposal, and how shareholders should quantify those risks versus the premium offered?
-
You've been investing in your ERP implementation and other key initiatives for several years now with $16 million in costs projected for fiscal 2025 alone; when do you expect these investments to begin generating returns that exceed their costs, and what specific capabilities will be unlocked that aren't possible today?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Various Businesses | 2024 | Three acquisitions completed during the 13 weeks ended November 30, 2024 for an aggregate purchase price of approximately $2.8 million, with the purchase price primarily allocated to goodwill and intangible assets and minimal impact on the consolidated financial results. |
Clean Uniform | 2023 | Completed on March 13, 2023, this acquisition was executed with an aggregate purchase price of $299.1 million (net of cash acquired) structured as a stock purchase and treated as an asset purchase for tax purposes; it included a customer contracts intangible asset valued at $65.7 million and was financed through cash and credit facilities to capitalize synergies and tax benefits. |
Four Business Acquisitions | 2023 | With an aggregate purchase price of approximately $7.1 million, these acquisitions allocated amounts to goodwill ($3.944M), customer contracts ($2.271M), and minor intangible assets, while also acquiring tangible assets such as accounts receivable, inventory, and PP&E; the results have been included in consolidated financials with no significant standalone impact. |
13 Business Acquisitions | 2022 | In fiscal 2022, thirteen acquisitions were completed for an aggregate price of about $44.8 million, with allocations including tangible assets, goodwill ($27.964M), customer contracts, and other intangibles dedicated primarily to the U.S. and Canadian Rental and Cleaning segment; the acquisitions were integrated into the consolidated results with limited impact. |
8 Business Acquisitions | 2022 | Completed during the 26 weeks ended February 26, 2022, these acquisitions had an aggregate purchase price of approximately $43.7 million, where the purchase price was mainly assigned to goodwill and intangible assets and the initial asset allocations were incomplete, with operations absorbed into the consolidated financials without significant effect. |
10 Business Acquisitions | 2022 | During the 39 weeks ended May 28, 2022, ten acquisitions were completed for an aggregate price of roughly $43.9 million, with assignments mostly to goodwill and intangible assets; although part of the broader set of 13 acquisitions, these deals were noted for their minimal impact on overall financial results and absence of pro forma presentation. |
Recent press releases and 8-K filings for UNF.
- Consolidated revenues reached $602.2 million in Q2 2025, up 1.9% YoY, with operating income of $31.2M and net income of $24.5M [0,4].
- Adjusted EBITDA increased by 6.3%, while net income grew 19.6% YoY and EPS stood at $1.31 [0,4].
- Operating cash flow improved by 20.2% to $128.3 million, underlining enhanced efficiency .
- Core Laundry Operations generated $530.4M in revenue with improved operating margins, while Specialty Garments reported $44.4M amid margin pressures .
- Strategic investments in technology, sourcing, and workforce training are driving improved margins, supported by significant capital expenditures of $66.1M and a $12.5M share repurchase .
- The company provided fiscal 2025 guidance, expecting revenues between $2.422B and $2.432B and diluted EPS between $7.30 and $7.70, accounting for adjustments in Key Initiative costs [2,5].
- Q1 revenue reached $604.9 million, up 1.9% year-over-year, with operating income increasing by 4.5% and adjusted EBITDA by 5.9%.
- The Board unanimously rejected the unsolicited Cintas proposal, citing concerns over offer price, business risk, shareholder feedback, and future growth opportunities.
- Operating cash flows improved by 27.3%, and ongoing investments, including an ERP project and strategic sourcing initiatives, are expected to enhance future profitability.
- Full-year guidance for 2025 projects revenue between $2.425 billion and $2.44 billion and diluted EPS between $6.79 and $7.19, reflecting continued operational focus.
- Q1 Results: UniFirst reported consolidated revenues of $604.9 million, operating income of $55.5 million, and net income of $43.1 million with diluted EPS at $2.31 for the quarter ended November 30, 2024.
- Cash and Share Repurchase: The company enhanced its cash flow from operations to $58.1 million and repurchased 33,605 shares of common stock for $6.4 million, with no long-term debt outstanding.
- Fiscal 2025 Guidance: The outlook projects fiscal 2025 revenues between $2.425 billion and $2.440 billion and diluted EPS between $6.79 and $7.19, reflecting continued investment in key initiatives.