Unifi, Inc., a U.S.-based producer of recycled and synthetic yarns, released operating results for the first fiscal quarter that ended Sept. 26. Net sales were $196.0 million, an increase of 38.5 percent from the first quarter of fiscal 2021 and an increase of 6.3 percent from the last Q4 (2021). Revenues from Unifi’s Repreve fiber products represented 37 percent of net sales, which was an increase of $20.3 million from the first quarter of fiscal 2021. Gross profit was $26.1 million compared to $14.6 million for Q1 2021, while gross margin was 13.3 percent compared to 10.3 percent for Q1 2021. Operating income was $13.3 million compared to $2.9 million.
Unifi’s net income was $8.7 million, or $0.46 diluted earnings per share, compared to net income of $3.4 million, or $0.18 diluted EPS for the first quarter of fiscal 2021. Adjusted Ebitda more than doubled to $19.8 million compared to $9.1 million in the first quarter of fiscal 2021. Adjusted Ebitda for the 12 fiscal months ended Sept. 26, 2021, was $75.4 million compared to $13.3 million for the 12 fiscal months ended Sept. 27, 2020.
Eddie Ingle, CEO of Unifi, said that the first quarter fiscal 2022 results surpassed Unifi’s expectations “as strong performance in each segment enabled us to achieve our highest quarterly net sales since the June 2013 quarter.“ He continued to explain that strong performance in Brazil and Asia contributed to the favorable results, while the Polyester and Nylon segments continue to demonstrate recovery from the pandemic. Momentum for Repreve fiber products in Asia, Central America, and the U.S. continues to be strong, and the company remains focused on growing its innovative and sustainable product portfolio. “While the global business setting is still dynamic, these strong results, along with the dedication of our employees and our diverse global strategy, provide us with a solid starting point to achieve our fiscal 2022 targets.”