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Earnings Review and Free Research Report: Unifi Reported Better than Expected Results

Research Desk Line-up: Interface Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 2, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Unifi, Inc. (NYSE: UFI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=UFI, following the Company's release of its first quarter fiscal 2018 financial results on October 23, 2017. The polyester and nylon yarn maker reported a 2.7% increase in revenue while it also re-affirmed guidance for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Textile Industrial industry. Pro-TD has currently selected Interface, Inc. (NASDAQ: TILE) for due-diligence and potential coverage as the Company announced on October 25, 2017, its financial results for Q3 2017 which ended on October 01, 2017. Register for a free membership today, and be among the early birds that get access to our report on Interface when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on UFI; also brushing on TILE. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=UFI

http://protraderdaily.com/optin/?symbol=TILE

Earnings Reviewed

For the first quarter ended September 24, 2017, Unifi's net sales were $164.2 million, up 2.7% compared to net sales of $160.0 million for Q1 FY17. The Company's revenue growth was driven by an overall increase in sales volume, as Unifi continued to benefit from strength in Brazil and Asia and the ongoing ramp-up of its recycling operations, which contributed to sales of REPREVE® products. Unifi's revenue numbers topped analysts' expectations of $163.42 million.

For Q1 FY18, Unifi's revenues from premium value-added ("PVA") products grew 5.5% on a y-o-y basis, and represented more than 40% of consolidated net sales.

During Q1 FY18, Unifi's gross profit as a percentage of sales was 14.2% compared to 14.7% for Q1 FY17, reflecting higher costs and increased sales of lower-margin products in the Company's international businesses in the reported quarter.

Unifi's operating income was $10.2 million for Q1 FY18 compared to $12.6 million for Q1 FY17, with the reported quarterly operating income reflecting the Company's investment in its strategic growth initiatives. Unifi's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) totaled $15.8 million for Q1 FY18 compared to $17.9 million for Q1 FY17. The decrease in adjusted EBITDA primarily resulted from higher operating expenses in the reported quarter.

For Q1 FY18, Unifi's net income was $9.0 million compared to net income of $9.4 million for Q1 FY17. The Company's reported quarter net income benefited from higher earnings from Parkdale America, LLC (PAL) and a lower effective tax rate, but was unfavorably impacted by higher administrative expenses and higher interest rates. Unifi's diluted EPS was $0.48 for the reported quarter compared to $0.51 for the prior year's same quarter, and ahead of Wall Street's estimates for earnings of $0.46 per share.

Cash Matters

As of September 24, 2017, Unifi's net debt (debt principal less cash and cash equivalents) was $83.1 million compared to $94.0 million at June 25, 2017, as cash and cash equivalents grew from $35.4 million at June 25, 2017, to $42.4 million at September 24, 2017. The Company's adjusted working capital of $141 million was approximately $10 million higher than September 2016.

During the reported quarter, Unifi received a total of $7.2 million in distributions from its equity affiliates compared to $750,000 during the year ago comparable period.

Fiscal 2018 Outlook

Unifi reiterated its FY18 forecasts. The Company expects volume growth, assuming a stable raw material pricing environment, and revenue growth in the low-single digit percentage range. Unifi is expecting operating income and earnings growth in the mid-single digit percentage range, excluding PAL, while it is expecting capital expenditures of approximately $35 million.

Stock Performance

Unifi's share price finished yesterday's trading session at $37.13, declining 2.42%. A total volume of 44.84 thousand shares have exchanged hands. The Company's stock price skyrocketed 16.39% in the last three months, 36.81% in the past six months, and 31.43% in the previous twelve months. Additionally, the stock rallied 13.79% since the start of the year. Shares of the Company have a PE ratio of 21.19 and currently have a market cap of $649.40 million.

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SOURCE: Pro-Trader Daily