NEW YORK (TheStreet) -- UniFirst Corp. (UNF) shares are down 9.3% to $102.28 in trading Wednesday. The decline comes following the release of the uniform company's second quarter results and fiscal year 2014 guidance.
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UniFirst reported second quarter adjusted earnings per share (EPS) of $1.27 and revenue of $344 million, while analysts expected an EPS of $1.39 and revenue of $347.9 million.
The company's fiscal year EPS guidance of $5.60 to $5.75 also fell short of the analysts consensus estimate of $5.91.
"Our revised outlook for the remainder of the year reflects lower expectations for our Specialty Garments and First Aid segments as well as an assumption that the recent decline in the value of the Canadian dollar and higher energy prices will continue to influence our results," said CEO Ronald Croatti.
TheStreet Ratings team rates UNIFIRST CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate UNIFIRST CORP (UNF) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."