Unifi, Inc. (NYSE:UFI) Q3 2024 Earnings Call Transcript May 9, 2024 9:00 AM ET
Company Participants
Albert Carey - Executive Chairman
Edmund Ingle - Chief Executive Officer
Andrew Eaker - Executive Vice President, Chief Financial Officer & Treasurer
Conference Call Participants
Anthony Lebiedzinski - Sidoti & Co.
Operator
Good morning, and thank you for attending Unifi's Third Quarter Fiscal 2024 Earnings Conference Call. Today's conference is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session.
Speakers for today's call include Al Carey, Executive Chairman; Eddie Ingle, Chief Executive Officer; A.J. Eaker, Chief Financial Officer. During this call, management will be referencing a webcast presentation that can be found in the Investor Relations section of unifi.com. Please familiarize yourself with Page 2 of that slide deck for cautionary statements and non-GAAP measures.
I will now turn the call over to Al Carey. Al?
Albert Carey
Thank you very much. Good morning everybody, and thanks for joining our call. I'll make a few general comments and turn it over to Eddie Ingle for his review of the third quarter business and then AJ to review the financials.
So if you look at our third quarter results, they're right about where we forecasted. I wouldn't say that we're happy with these results, but they are definitely improved over the prior quarter and we expect the results will continue to improve. So looking at our quarter three revenues, they're almost 10% greater than quarter two and the EBITDA is 5 million better than the last quarter, quarter two. So I believe that we've hit bottom in quarter one and quarter two and will go up from here. I'm also encouraged that our quarter four first estimate is that the business should be better than Q3 and it will also be better than prior year.
I guess the best way to describe the business right now is that our industry sales are coming back, but still very slow but definitely improving. That's what we're hearing from most of our customers and our partners. They're all saying about the same thing, but they also are saying that inventories are no longer the issue, that whole issue of restocking and inventory backups. We don't believe that's an issue anymore, but we are seeing conservative ordering for the business based on cash management and some fears about soft overall consumer trends, but overall opening up green shoots are being seen.