11:54 AM EDT, 05/02/2024 (MT Newswires) -- Vestis ( VSTS ) shares tumbled nearly 40% in recent trading on Thursday after the company reported fiscal Q2 adjusted earnings and revenue that fell short of consensus.

The company reported fiscal Q2 adjusted earnings of $0.13 per diluted share, down from $0.37 a year earlier.

Analysts polled by Capital IQ expected $0.22.

Revenue for the quarter ended March 29 was $705.4 million, up from $699.3 million a year earlier.

Analysts surveyed by Capital IQ expected $723.1 million.

The company said it now expects 2024 revenue growth of negative 1% to 0%, compared with previous estimates of 4% to 4.5% growth. Analysts polled by Capital IQ expect $2.94 billion.

Price: 11.13, Change: -7.34, Percent Change: -39.74