Home / Knowledge / News / Apparel/Garments / G&K Services Q3'FY14 adjusted earnings climb 6%
G&K Services Q3'FY14 adjusted earnings climb 6%
29
Apr '14
G&K Services, Inc. reported operating results for the third quarter of its fiscal year 2014, which ended on March 29, 2014. Revenue from continuing operations grew by 3.4 percent to $225.0 million, up from $217.7 million in last year’s third quarter. Third quarter adjusted earnings from continuing operations grew 6 percent to $0.73 per diluted share, up from $0.69 per diluted share in the prior year period. 
 
Adjusted earnings in the quarter excluded a $0.26 per share charge related to the company’s expected withdrawal from four multi-employer pension plans (MEPPs), which will complete its withdrawal from all MEPPs in the United States.
 
Adjusted earnings also excluded a $0.04 per share benefit from the previously announced change in estimated merchandise amortization lives. Including these items, the company reported earnings from continuing operations of $0.51 per diluted share.
 
Highlights: 
-Adjusted Operating Income from Continuing Operations Increases 17 Percent to $25 Million
-Adjusted Operating Margin Expands 130 Basis Points to 11.1 Percent
-Adjusted Earnings from Continuing Operations Grow to $0.73 Per Diluted Share
 
“Our team delivered another quarter of strong operating results,” said Douglas A. Milroy, Chief Executive Officer. “We made continued progress on our 12+ Plan, with solid top-line growth, significant margin expansion, and improved return on invested capital.”
 
Income Statement Review
Third quarter revenue grew 3.4 percent to $225.0 million, compared to $217.7 million in the prior-year quarter. This excludes revenue from divested businesses, which are now classified as discontinued operations. The rental organic growth rate, which adjusts for the impact of currency exchange rate differences, acquisitions and divestitures, was 5.3 percent. The impact of a lower exchange rate for the Canadian dollar decreased revenue growth by 1.6 percent.
 
Click here to view full results.
 

G&K Services


Must ReadView All

Textiles | On 29th Jun 2017

Nan Ya files trade petition in US against Korea & Taiwan

Nan Ya Plastics Corporation, America, a US synthetic fibre producer,...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X