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 (VSTS) delivers essential uniform rental services and workplace supplies to businesses across North America. This news hub provides investors and industry professionals with direct access to official announcements, financial updates, and strategic developments from the company.
Track critical information including quarterly earnings reports, partnership announcements, and operational expansions. Our curated collection ensures timely access to material events impacting Vestis' position in the uniform rental and industrial supply sectors.
Key updates cover service innovations, safety product developments, and market expansion efforts across the United States and Canada. Bookmark this page to monitor how Vestis maintains its leadership through reliable delivery systems and long-term client relationships in the B2B services sector.
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.
