SEC Form 10-K filed by Vestis Corporation

Provides Fiscal 2025 Guidance Fiscal 2024 Results Revenue of $2.8 billion Operating Income of $158 million or 5.6% of revenue Adjusted EBITDA of $353 million or 12.6% of revenue Operating Cash Flow of $472 million, up 83.6% year-over-year Free Cash Flow of $165 million, up 13.2% year-over-year Net leverage was 3.62x at the end of fiscal 2024 versus 3.95x at the end of fiscal 2023 Net debt was $1.3 billion at the end of fiscal 2024, a decline of $319 million versus the end of fiscal 2023 Vestis Corporation (NYSE:VSTS), a leading provider of uniforms and workplace supplies, today announced its results for the fourth quarter and fiscal year ended September 27, 2024. T

Vestis (NYSE:VSTS), a leading provider of uniforms and workplace supplies, has announced that it will report its fiscal fourth quarter and full-year 2024 earnings results on November 21, 2024, prior to the market opening. Management will host a webcast to discuss the fiscal 2024 earnings results and fiscal 2025 outlook at 8:30 AM ET. The webcast can be accessed live through the investor relations section of our web site at www.vestis.com. Additionally, a slide presentation will accompany the call and will be available on the web site. A replay of the live event will also be available on the Company's web site shortly after the call for 90 days. About VESTIS™ Vestis is a leader in the B2

Vestis (NYSE:VSTS), a leading provider of uniforms and workplace supplies, today announced an agreement to sell its 39% equity stake in Aramark Uniform Services Japan Corporation ("AUSJ") to majority owner Mitsui & Co., Ltd. for approximately $37 million. The Company will use the proceeds from the transaction toward debt repayment. AUSJ, a uniform rental services provider in Japan, was established in 1988 as a joint venture between a group of companies including Vestis' former parent company Aramark. Vestis does not expect to record a material gain or loss as a result of the sale of its minority stake, which was accounted for as a non-operating equity investment and therefore not included

Provides Fiscal 2025 Guidance Fiscal 2024 Results Revenue of $2.8 billion Operating Income of $158 million or 5.6% of revenue Adjusted EBITDA of $353 million or 12.6% of revenue Operating Cash Flow of $472 million, up 83.6% year-over-year Free Cash Flow of $165 million, up 13.2% year-over-year Net leverage was 3.62x at the end of fiscal 2024 versus 3.95x at the end of fiscal 2023 Net debt was $1.3 billion at the end of fiscal 2024, a decline of $319 million versus the end of fiscal 2023 Vestis Corporation (NYSE:VSTS), a leading provider of uniforms and workplace supplies, today announced its results for the fourth quarter and fiscal year ended September 27, 2024. T

Vestis (NYSE:VSTS), a leading provider of uniforms and workplace supplies, has announced that it will report its fiscal fourth quarter and full-year 2024 earnings results on November 21, 2024, prior to the market opening. Management will host a webcast to discuss the fiscal 2024 earnings results and fiscal 2025 outlook at 8:30 AM ET. The webcast can be accessed live through the investor relations section of our web site at www.vestis.com. Additionally, a slide presentation will accompany the call and will be available on the web site. A replay of the live event will also be available on the Company's web site shortly after the call for 90 days. About VESTIS™ Vestis is a leader in the B2

Vestis (NYSE:VSTS) today announced that its Board of Directors has approved a quarterly cash dividend of $0.035 per share of common stock. The dividend is payable to shareholders of record at the close of business on September 13, 2024, and is expected to be paid on October 3, 2024. The amount and timing of any future dividend payment is subject to the approval of the Company's Board of Directors. About Vestis™ Vestis is a leader in the B2B uniform and workplace supplies category. Vestis provides uniform services and workplace supplies to a broad range of North American customers from Fortune 500 companies to locally owned small businesses across a broad set of end sectors. The Company'

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Robert W. Baird downgraded Vestis from Outperform to Neutral and set a new price target of $13.00

William Blair initiated coverage of Vestis with a rating of Mkt Perform

Redburn Atlantic downgraded Vestis from Buy to Neutral and set a new price target of $13.40

U.S. stocks were mostly higher, with the Nasdaq Composite gaining around 0.4% on Wednesday. Shares of SMART Global Holdings, Inc. (NASDAQ:SGH) rose sharply during Wednesday's session after the company reported better-than-expected third-quarter financial results. SMART Global reported quarterly earnings of 37 cents per share, which beat the analyst consensus estimate of 30 cents. Quarterly sales came in at $300.6 million, which beat the analyst consensus estimate of $300 million, according to data from Benzinga Pro. SMART Global shares jumped 17.4% to $27.27 on Wednesday. Here are some other big stocks recording gains in today’s session. Solaris Oilfield Infrastructure, Inc.

The S&P 500 index climbed to new all-time highs, rising 0.3% during Tuesday’s session, aiming for a potential sixth consecutive positive close and remaining resilient after Fed Chair Jerome Powell‘s testimony before the Senate Banking Committee. Powell used both hawkish tones – stating that it is not yet appropriate to cut rates until greater confidence on the 2% target is achieved – and dovish tones, noting recent progress and warning that a weakening labor market could be a significant factor for a rate cut. Markets are looking ahead with confidence to the upcoming June inflation report, due this Thursday, which could solidify the already high expectations for a rate cut in September

Although U.S. stocks closed mixed on Monday, there were a few notable insider trades. When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision. Below is a look at a few recent notable insider purchases. For more, check out Benzinga’s insider transactions platform. Global Partners The Trade: Global Partners LP (NYSE:GLP) Global GP LLC acquired a total of 30,000 shares  an average price of

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Vestis Corporation (NYSE:VSTS) ("Vestis" or the "Company"), a leading provider of uniforms and workplace supplies, today announced the appointment of Bill Goetz to the Company's Board of Directors, effective immediately. His appointment increases the size of the Board from nine to ten directors, eight of whom, including Mr. Goetz, are independent. Mr. Goetz most recently served as President and CEO of DYMA Brands, a leading manufacturer to the foodservice industry. Previously Mr. Goetz served as President and COO of Carriage Services, held roles of increasing responsibility at Sysco Corporation, including Senior Vice President of Sales and Marketing and Chief Marketing Officer, and spent

Bill Seward named Chief Operating Officer and Peter Rego named Senior Vice President of Sales Vestis Corporation (NYSE:VSTS) ("Vestis" or the "Company"), a leading provider of uniforms and workplace supplies, today announced the appointment of Bill Seward as Chief Operating Officer (COO), effective September 1, 2024, and Peter Rego as Senior Vice President of Sales, effective immediately. Reporting directly to CEO Kim Scott, both Seward and Rego will assume responsibility for key aspects of the company's strategic plan to achieve high-quality growth, efficient operations, disciplined capital allocation and a performance-driven culture. Additionally, the Company has aligned its field organ

Vestis Corporation (NYSE:VSTS) ("Vestis" or the "Company"), a leading provider of uniforms and workplace supplies, today announced the appointment of Keith Meister to the Company's Board of Directors, effective immediately. His appointment increases the size of the Board from eight to nine directors, seven of whom, including Mr. Meister, are independent. Mr. Meister is the founder, Managing Partner and Chief Investment Officer of Corvex Management LP (together with certain of its affiliates, "Corvex"), an investment management firm which beneficially owns 12.9% of the Company's outstanding common stock. Mr. Meister has extensive boardroom experience and currently serves as a director on t