Financial Results in Focus: Unifi Inc. (NYSE: UFI)
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- Financial Results in Focus: Unifi Inc. (NYSE: UFI) - 11/02/2020
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GREENSBORO, N.C., February 11, 2020 – Shares of Unifi Inc. (NYSE: UFI) showed the bearish trend with a lower momentum of -0.74% to $22.84. The company traded total volume of 86.040K shares as contrast to its average volume of 85.16K shares. The company has a market value of $411.35M and about 18.01M shares outstanding.
In the first quarter of fiscal 2020, Unifi, Inc. (UFI) reported net sales of $179.90M, compared to $181.60M. The first quarter of fiscal 2020 consisted of 13 weeks of domestic operations, compared to 14 weeks of domestic operations in the first quarter of fiscal 2019. Sales volumes grew 16%, led by Asia, which lowered consolidated average selling prices.
Gross profit decreased to $17.40M, from $20.00M, primarily attributable to competitive pricing pressures that were most pronounced in Brazil and Asia, along with a higher proportion of sales in Asia. The decrease was partially offset by a more favorable raw material cost environment in the U.S.
Operating income increased to $6.30M, from $5.70M, primarily due to lower expenses stemming from SG&A reductions that began in the second half of fiscal 2019.
Net income was $3.70M, compared to $1.80M, and EPS was $0.20, compared to $0.10. Although PAL results were $1.20M lower in the first quarter of fiscal 2020, a significant improvement in the effective tax rate benefited net income. Adjusted EBITDA was $12.30M, compared to $11.90M.
Net Debt was $88.30M at September 29, 2019, compared to $105.80M at June 30, 2019, benefiting from both the $10.40M in distributions received from PAL and the improvement in working capital. Cash and cash equivalents increased to $34.10M at September 29, 2019, from $22.20M at June 30, 2019.
The Company offered net profit margin of 0.60% while its gross profit margin was 9.00%. ROE was recorded as 1.10% while beta factor was 0.75. The stock, as of recent close, has shown the weekly upbeat performance of 4.67% which was maintained at -9.58% in this year.
