NYSE$VSTS
Vestis Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported a decrease in revenue and operating income, with strategic actions taken to improve performance.
Vestis reported a slight decrease in revenue and a significant decrease in net income for Q3 2024. The company is focused on deleveraging and has entered into a $250 million accounts receivable securitization facility to repay debt.
- Revenue decreased by 1.6% year-over-year to $698 million.
- Operating income decreased by 43.4% year-over-year to $38 million.
- Net income decreased by 89.9% year-over-year to $5 million.
- Entered into a $250 million accounts receivable securitization facility to reduce net debt.
Headline financials
Revenue & EPS history
Vestis · Revenue · Quarterly
$698M
Forward guidance
Vestis expects to deliver fiscal year 2024 revenue growth in the range of (1)% to 0% and Adjusted EBITDA Margin to be toward the higher end of the range between 12.0% and 12.4%.
Tailwinds
- Expects fiscal 2024 revenue growth in the range of (1)% to 0%.
- Expects fiscal 2024 Adjusted EBITDA Margin to be toward the higher end of the range between 12.0% and 12.4%.
- Disciplined capital allocation with deleveraging as a priority.
- Expects strong free cash flow conversion.
- Anticipate a ratio of free cash flow to net income greater than or equal to 100%.
Headwinds
- Revenue growth is expected to be slightly negative.
- Adjusted EBITDA Margin includes approximately $18 million in incremental public company costs.
- Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures.
- Estimates of revenue growth and adjusted EBITDA margin do not forecast currency fluctuations.
- The company's performance is subject to various risks and uncertainties.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 13 quarterly earnings reports · overlaid with Q3 2024
-4.2%
Avg return
Earnings day
-4.1%
Avg return
5 days after
-2.3%
Avg return
30 days after
43%
6 / 14 earnings
Positive
+20.4%
Q4 2024
Best reaction
-49.1%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -0.3% | +1.7% | +10.2% | |
| Q1 2026 | +16.1% | +5.2% | +2.9% | |
| Q4 2025 | -7.3% | +4.2% | -0.7% | |
| Q3 2025 | -5.8% | -25.9% | -23.9% | |
| Q2 2025 | -37.5% | -24.8% | -27.8% | |
| Q1 2025 | -11.7% | -14.3% | -25.2% | |
| Q4 2022 | +4.4% | +3.6% | +4.9% | |
| Q4 2024 | +20.4% | +22.7% | +23.1% | |
| Q3 2024 | +2.2% | +0.7% | +15.4% | |
| Q2 2023 | +13.2% | +20.0% | +19.7% | |
| Q2 2024 | -49.1% | -44.6% | -33.3% | |
| Q1 2023 | -3.5% | -5.5% | -7.3% | |
| Q1 2024 | -9.8% | -13.0% | -16.4% | |
| Q4 2023 | +9.4% | +12.2% | +26.3% | |
| Q3 2022 | — | — | — | |
| Q2 2022 | — | — | — | |
| Q1 2022 | — | — | — |
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