By  on January 28, 2013

Unifi Inc.’s stock jumped 10.9 percent on Monday and the Greensboro, N.C.-based yarn manufacturer said its “policy is not to comment on unusual market activity.”

The stock of Unifi, one of the few remaining publicly traded U.S. textile firms, rose $1.26 to close at $12.86 on the New York Stock Exchange, reaching a high of $13 in late-day trading before falling back slightly. The generally lightly traded stock saw 73,716 shares traded compared with its daily average of 29,337.

Christopher McGinnis, an analyst with Sidoti & Co., said the company was required to issue a statement once trading reached a certain level, “but I don’t think there’s much to it, but you never know.”

Last week, Unifi reported net income of $2.4 million, or 12 cents a share, in the second quarter ended Dec. 23, compared with a net loss of $7.6 million, or 38 cents a share, in the same period a year earlier, crediting strong sales in its Repreve polyester unit and lower raw-material prices. Net sales increased 3 percent to $172 million in the quarter from $167 million. Adjusted earnings before interest, taxes, depreciation and amortization improved 65 percent to $12.2 million, while gross profit advanced $5.8 million as a result of volume growth in each of the company’s operating segments.

McGinnis noted that the Repreve polyester line, made primarily from recycled plastic water bottles, was a “recycling partner” for X Games Aspen that aired on ESPN this past weekend, and possibly gained interest from that. Unifi produces a range of multifilament polyester and nylon textured yarns and related raw materials for the apparel and legwear markets, as well as industrial sectors.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus