G&K profit beats estimates with 20 percent increase
- Article by: MIKE HUGHLETT
- Star Tribune
- August 16, 2012 - 7:10 PM
G&K Services' profit rose 20 percent during its fourth quarter over a year ago, topping Wall Street's expectations.
The Minnetonka-based provider of commercial uniform services posted earnings of $11.2 million, or 59 cents per diluted share. Wall Street analysts were, on average, expecting 55 cents per share.
The company's quarterly revenue of $224.3 million was up 4.8 percent over a year ago and topped analysts' forecasts of $221.9 million.
"The fourth quarter was a strong finish to a strong year for G&K," CEO Douglas Milroy said in a news release. "Over the past three years we have made lasting improvements in our business, which are clearly reflected in our financial results."
G&K's stock closed at $32.90 up 87 cents for the day.
Mike Hughlett • 612-673-7003
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