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Vestis Corporation reports news on its B2B uniform services and workplace supplies business in North America. Company updates center on full-service uniform rental programs, floor mats, towels, linens, managed restroom services, first aid supplies, and cleanroom and specialty garment processing for customers ranging from large corporations to locally owned businesses.
Recurring developments include quarterly and annual results, conference call schedules, operating leverage initiatives, and the company’s business transformation plan focused on Commercial Excellence, Operational Excellence, and Asset & Network Optimization. Vestis news also includes leadership appointments and transitions, customer and supplier recognition, fiscal outlook commentary, and updates tied to service quality, logistics, asset utilization, and customer experience.
Vestis (NYSE: VSTS) has announced a quarterly cash dividend of $0.035 per share of common stock. The dividend will be paid to shareholders of record as of the close of business on September 13, 2024, with the payment expected on October 3, 2024. This decision was approved by the company's Board of Directors. Vestis has noted that future dividend payments, including their amount and timing, will be subject to board approval.
Vestis (NYSE: VSTS) reported Q3 2024 results with revenue of $698 million, down 1.6% year-over-year. Operating income was $38 million (5.4% of revenue), while Adjusted EBITDA reached $87 million (12.4% of revenue). The company's fiscal year-to-date operating cash flow increased 22.4% to $176 million, and free cash flow rose 22.6% to $125 million.
Vestis entered into a $250 million Accounts Receivable Securitization Facility, which will be used to repay outstanding term loans. This move is expected to reduce the company's pro forma Q3 net leverage from 3.98x to 3.33x and net debt from $1.53 billion to $1.28 billion. The company reiterated its fiscal year 2024 outlook, expecting Adjusted EBITDA margin to be at the higher end of the 12.0% to 12.4% guidance range.
Vestis (NYSE: VSTS), a leading provider of uniforms and workplace supplies, has appointed Bill Goetz to its Board of Directors, increasing the board size from nine to ten members. Goetz, an independent director, brings extensive experience from his roles as President and CEO of DYMA Brands, President and COO of Carriage Services, and various executive positions at Sysco and Cintas
Phillip Holloman, Chairman of the Board, praised Goetz's appointment, highlighting his growth-oriented leadership and deep industrial laundry sales and marketing expertise. Kim Scott, President and CEO of Vestis, expressed enthusiasm about working with Goetz to execute the company's strategic plan and drive long-term shareholder value.
Vestis (NYSE: VSTS) has announced two key leadership appointments to support its strategic growth plan. Bill Seward will join as Chief Operating Officer on September 1, 2024, bringing over 30 years of experience from UPS Supply Chain Solutions and Stericycle. Peter Rego has been appointed Senior Vice President of Sales, effective immediately, with 25 years of industry experience, including 19 years at Cintas.
Both executives will report directly to CEO Kim Scott and will be responsible for implementing Vestis' strategic plan focused on high-quality growth, efficient operations, disciplined capital allocation, and a performance-driven culture. The company has also realigned its field organizational structure to enhance customer and employee experiences.
Vestis (NYSE: VSTS), a leading supplier of uniforms and workplace supplies, announced it will report fiscal third quarter 2024 earnings results on August 7, 2024, prior to market opening.
Management will host a webcast at 10:00 AM ET to discuss the results, accessible via the investor relations section on the company's website. A slide presentation will accompany the webcast, and a replay will be available for 90 days after the event.
Vestis (NYSE: VSTS) has appointed Keith Meister to its Board of Directors, expanding the board from eight to nine members, with seven being independent, including Meister.
Meister, the founder and CIO of Corvex Management LP, which owns 12.9% of Vestis' common stock, brings extensive boardroom experience, having served on boards of prominent companies like GeneDx Holdings and MGM Resorts.
Phillip Holloman, Chairman of the Board, and Kim Scott, CEO of Vestis, highlighted the positive impact Meister’s expertise in finance and investment is expected to bring. The appointment aligns with Vestis' strategy for long-term value creation and efficient operations.
The company has filed a Form 8-K regarding the appointment and a related letter agreement.
Vestis (NYSE: VSTS) has announced that its Board of Directors has approved a quarterly cash dividend of $0.035 per share of common stock. This dividend will be payable to shareholders of record as of June 14, 2024, with a payment date set for July 2, 2024. Future dividends will be subject to the approval of the Board of Directors.
Vestis (NYSE: VSTS) reported revenue of $705 million in the second quarter of 2024, representing a 0.9% year-over-year increase. Operating income was $43 million, with adjusted EBITDA of $87 million. The company reduced debt by $54 million and improved cash flow significantly. Despite short-term challenges, Vestis remains focused on long-term value creation through strategic initiatives.
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