Market Updates
Cintas Lifts Earnings Outlook
Scott Peters
29 Sep, 2022
New York City
Cintas Corporation declined 1.7% to $387.86 after the company reported revenue in the fiscal first quarter 2023 ending in August 14.2% to $2.17 billion from $1.90 billion a year ago.
Gross margin as a percentage of revenue was 47.5% for the first quarter compared to 47.6% a year ago.
Energy expenses, including gasoline, natural gas and electricity, increased 30 basis from a year ago.
Net income in the quarter increased to $351.7 million from $331.2 million and diluted earnings per share rose to $3.39 from $3.11 a year ago.
Excluding the fiscal 2022 first quarter gain and the related income tax impact, fiscal 2023 first quarter diluted earnings per share increased 12.3% to $3.39 from $3.02 a year ago.
Fiscal Year Outlook
The company also lifted its annual revenue expectations from a range of $8.47 billion to $8.58 billion to a range of $8.58 billion to $8.67 billion and diluted earnings per share from a range of $11.90 to $12.30 to a range of $12.30 to $12.65.
The revised earnings estimate suggest growth between 9.0% and 12.1%.
Annual Returns
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Earnings
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