Most Recent Articles In Financial
Latest Financial Articles
- Onward Profits Inch Up
- Europe’s Markets Lose Ground Ahead of Greek Referendum
- Joe’s Receives Forbearance From Creditors
More Articles By
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.