Vestis Corporation Common Stock (VSTS)

Business services providers thrive by solving complex operational challenges for their clients, allowing them to focus on their secret sauce. But cutbacks in corporate spending and the threat of new AI products have kept sentiment in check, and over the past six months, the industry has tumbled by 2.3%. This performance mirrored the S&P 500’s decline.

Looking back on industrial & environmental services stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including Cintas (NASDAQ:CTAS) and its peers.

Vestis named Phillip Holloman as interim executive chairman, president and CEO.

Vestis Corporation (NYSE: VSTS) (“Vestis” or the “Company”), a leading provider of uniforms and workplace supplies, today announced that its Board of Directors (the “Board”) has appointed Phillip Holloman as Interim Executive Chairman, President and Chief Executive Officer, effective immediately. Holloman succeeds Kim Scott, who has departed from the Company and the Vestis Board of Directors. The Board has retained a leading executive search firm to assist with identifying Vestis’ next President and CEO.

Over the last six months, Vestis’s shares have sunk to $12.66, producing a disappointing 16.7% loss while the S&P 500 was flat. This may have investors wondering how to approach the situation.

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As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the business services & supplies industry, including RB Global (NYSE:RBA) and its peers.

Vestis Corporation (NYSE: VSTS), a leading provider of uniforms and workplace supplies, today announced its results for the first quarter ended December 27, 2024 and reiterated its outlook for fiscal year 2025.

Vestis (NYSE: VSTS), a leading provider of uniforms and workplace supplies, has announced that it will report its fiscal first quarter 2025 earnings results on January 31, 2025, prior to the market opening.

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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. The company also provided its outlook for fiscal year 2025.

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.

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.

Vestis (NYSE: VSTS), today confirmed that it received a preliminary inquiry from Elis SA regarding a potential transaction involving the Company. The Board of Directors takes seriously and evaluates any inquiries regarding the Company and all alternatives available to the Company. There can be no assurance that any transaction or other alternative will result from this inquiry. The Company does not undertake to make any further announcements with respect to this or any other inquiries or any strategic alternatives.

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.

Vestis Corporation (NYSE: VSTS), a leading provider of uniforms and workplace supplies, today announced its results for the third quarter ended June 28, 2024. The company also reiterated its outlook for fiscal year 2024 and expects that Adjusted EBITDA margin will now be toward the higher end of the guidance range.

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.

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 organizational structure to support faster and sustainable adoption of programs and procedures that enhance the customer and teammate experience.