Unifi Raises 1st-quarter Outlook
GREENSBORO, N.C. (AP) ¿ Unifi Inc., which makes polyester yarn, on Thursday said volume is improving domestically and in Brazil and raised its fiscal first-quarter guidance.
The company now expects adjusted earnings before interest, taxes, depreciation and amortization to be between $13 million to $14 million, up from an earlier estimate of $9 million to $11 million issued in July.
"Business conditions in our key segments have been better than anticipated, resulting in improved demand levels across the supply chain," said CEO Bill Jasper in a statement. The company's first quarter ended Sept. 27.
However, due to the weak economy, the company left its adjusted Ebitda guidance for fiscal year 2010 unchanged, at $40 million to $50 million, though it said it expects results to be at the high end of that range.Unifi shares gained 28 cents, or 9.2 percent, to $3.34 in morning trading on Friday. It closed at $3.06 on Thursday, before the company updated its guidance.
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