UFI - Unifi soars 19% after pointing to improving trends narrowed loss
2023-04-25 14:37:49 ET
Unifi ( NYSE: UFI ) racked up a 18.95% gain on Tuesday after setting Q3 guidance at $155M to $157M and adjusted EBITDA of $4M to $6M. An operating loss between $2M and $3M is expected, which is a sequential improvement of $17M to $18M.
The company said that while the demand environment remains subdued, diligence efforts around labor efficiency, working capital management, liquidity resources, and tactical execution have allowed it to capitalize on some of the initial normalization of apparel production that has occurred recently.
On the balance sheet, Unifi ( UFI ) disclosed that it ended the third quarter of fiscal 2023 with approximately $50M in cash, net debt of $86M, and over $45M of available borrowings under the credit facility.
UFI trades hand at slightly above the 52-week range of $6.33 to $16.62.
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Unifi soars 19% after pointing to improving trends, narrowed loss