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Recycled yarn producer Unifi reports Q1FY17 flat sales
02 Nov '16
1 min read
US recycled yarn manufacturer Unifi's net sales in the three months ended September 25, 2016 at $160.0 million were nearly flat over the first quarter of fiscal 2016, with net sales impacted by a dip in raw material prices. Volumes rose 11 per cent, driven by strong PVA performance in Asia and Brazil, offset by weaker sales in the US domestic market.
In the first quarter of fiscal 2017, operating income rose 30 per cent from a fiscal ago period to $12.6 million, while operating margin expanded 190 basis points to 7.9 per cent as against 6.0 per cent in the prior fiscal's same quarter.
Adjusted EBITDA amounted to $17.9 million in the quarter under review vis-à-vis $15.1 million for the first quarter of fiscal 2016.
Net income in the reporting quarter was up at $9.4 million, compared to $8.0 million for the earlier fiscal's first quarter, despite $1.7 million of lower pre-tax earnings from PAL, in which Unifi has a 34 per cent interest. (AR)
In the first quarter of fiscal 2017, operating income rose 30 per cent from a fiscal ago period to $12.6 million, while operating margin expanded 190 basis points to 7.9 per cent as against 6.0 per cent in the prior fiscal's same quarter.
Adjusted EBITDA amounted to $17.9 million in the quarter under review vis-à-vis $15.1 million for the first quarter of fiscal 2016.
Net income in the reporting quarter was up at $9.4 million, compared to $8.0 million for the earlier fiscal's first quarter, despite $1.7 million of lower pre-tax earnings from PAL, in which Unifi has a 34 per cent interest. (AR)
Fibre2Fashion News Desk – India
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