Welcome to our dedicated page for Vestis Corporation news (Ticker: VSTS), a resource for investors and traders seeking the latest updates and insights on Vestis Corporation stock.
Vestis Corporation (symbol: VSTS) is a leading provider of uniform rentals and workplace supplies across the United States and Canada. With a diverse product offering that includes uniforms, mats, towels, linens, restroom supplies, first-aid supplies, and safety products, Vestis Corporation caters to a wide range of customers. These customers range from small, family-owned businesses to large corporations and national franchises, ensuring that they meet the needs of businesses of all sizes.
Vestis operates through two reportable segments: the United States and Canada, with the majority of its revenue generated from its operations in the United States. This strategic focus allows the company to leverage its extensive network and infrastructure to deliver high-quality products and services efficiently.
Recent achievements at Vestis include the implementation of advanced inventory management systems and the expansion of their product line to include more eco-friendly and sustainable options. These developments not only enhance operational efficiency but also align with the growing demand for environmentally conscious business practices.
Currently, Vestis is involved in several key projects aimed at improving customer experience and expanding its market reach. These include upgrading their online ordering platform and investing in new logistics technologies to ensure timely and accurate deliveries.
Financially, Vestis has shown a stable performance with consistent revenue growth, particularly in its core market of the United States. The company's robust supply chain and strong customer relationships have been pivotal in maintaining its market position.
Vestis Corporation continues to form strategic partnerships to enhance its service offerings and expand its customer base. By collaborating with key industry players, the company aims to provide comprehensive solutions that meet the evolving needs of its clients.
Overall, Vestis Corporation is dedicated to maintaining high standards of service and quality, ensuring that businesses have access to the essential supplies they need to operate smoothly and effectively.
For the latest updates, developments, and financial performance, follow the company’s news section regularly.
Vestis (NYSE: VSTS), a leading uniforms and workplace supplies provider, has announced an agreement to sell its 39% equity stake in Aramark Uniform Services Japan (AUSJ) to majority owner Mitsui & Co., for approximately $37 million. The proceeds will be used for debt repayment. AUSJ, established in 1988, is a uniform rental services provider in Japan.
Vestis does not anticipate recording a material gain or loss from this sale, as the stake was accounted for as a non-operating equity investment. The company believes this move will enhance its strategic focus, strengthen its balance sheet, and provide additional financial flexibility. The transaction is expected to close by the end of October 2024, subject to customary closing conditions and approvals.
Vestis (NYSE: VSTS) has confirmed receiving a preliminary inquiry from Elis SA regarding a potential transaction. The company's Board of Directors is taking this inquiry seriously and will evaluate all available alternatives. However, Vestis emphasizes that there is no guarantee that any transaction or alternative will result from this inquiry. The company has stated that it does not plan to make further announcements about this or any other inquiries or strategic alternatives at this time.
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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