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

Apparel/Garments | On 30th Apr 2016

Britain keen on new ventures in textiles and garment

British High Commissioner to India Sir Dominic Asquith, has said that ...

Apparel/Garments | On 30th Apr 2016

‘India’s apparel sector needs to revisit policies’

Apparel Export Promotion Council (AEPC)’s Additional Secretary...

Textiles | On 30th Apr 2016

Bangladesh spinners wary of another gas price hike

Bangladeshi cotton spinners have expressed concern that they may lose ...

Interviews View All

Nick Preston
Hardy Amies

What are the popular apparel fashion trends in UK? Why do you think is the ...

Mr. Subhash Bhargava
Colorant Limited

What is the current scenario for colorants and specialty chemicals in...

Kristina Petersson Lind
IKEA

How do you view the current market for home textiles in Europe? European...

Paige Mullis
Glen Raven Inc

<i><b>Paige Mullis</b> discusses the expansion plans of Glen Raven Inc in...

Sanjay Gupta
Garware-Wall Ropes Ltd

Sanjay Gupta is a Chemical Engineer (IIT Kanpur) and CFA and PGDFA (ICFAI, ...

Iago Castro Asensio
RCfil Distribuciones S.L.

<b><i>Iago Castro Asensio, International Business Manager of RCfil...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search