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Cintas’s (NASDAQ:CTAS) shares fell as much as 4.9% on Tuesday after the work uniform supplier reported quarterly revenue in line with analysts’ estimates.
Revenue rose 8.1% year-over-year to $2.34 billion for Cintas’ (CTAS) fiscal first quarter ended on August 31. The consensus estimate was $2.34 billion.
Net income rose 9.5% to $385.1 million, or $3.70 per share, from $351.7 million, or $3.39 per share, a year earlier. The company surpassed the consensus estimate of $3.68.
Management raised its full-year revenue estimate to a range of $9.40 billion to $9.52 billion, up from $9.35 billion to $9.50 billion. It also raised its diluted EPS estimate to a range of $14.00 to $14.45, up from $13.85 to $14.35 previously.
“We are pleased with our first quarter fiscal 2024 financial results,” Todd M. Schneider, president and CEO of Cintas (CTAS), said in a statement. “Our operating segments continue to perform at a high level, leading to strong volume growth and a record operating margin of 21.4%.”
