G&K Q3 Profit Up; Raises Annual Earnings Guidance

(RTTNews) - G&K Services, Inc. (GK), a lender of branded identity clothing, Tuesday reported higher third-quarter profit, on higher revenues. The company also increased its annual guidance for earnings per share, while reiterating revenue guidance.

Net profit increased to $16.37 million or $0.81 per share, from $13.82 million or $0.69 per share last year.

On average, seven analysts polled by Thomson-Reuters estimated earnings to be $0.72. Analysts' estimates typically exclude one-time items.

G&K's revenues rose to $230.24 million from $220.22 million in the previous year. Analysts projected revenues to be $230 million.

The company raised its annual earnings guidance to $3.15 - $3.30 per share, from previous guidance of $3.10-$3.25 per share. It also affirmed its annual revenue guidance of $930 million-$950 million.

Analysts expect earnings of $3.19, on revenues of $942.58 million for the full year.