Cintas upgrades annual forecast on demand for its rental uniforms

Dec 21 (Reuters) - Uniform rental firm Cintas Corp raised its annual revenue and profit forecast on Thursday, betting on continuing demand for its high-priced uniforms.

The Mason, Ohio-based company's shares, which have gained about 24% of their value so far this year till last close, were up about 4.5% in early trading, as it also beat second-quarter results.

Increased hiring in sectors such as private education and healthcare, where the company rents out uniforms and work apparel, helped drive an 8.2% rise in revenue for the quarter.

The company also benefited from cross-selling its services like facilities management and fire inspections, to its customers.

For the quarter ended Nov. 30, total gross margin rose 48% from 47% last year, as energy expenses eased.

Improved margins helped adjusted profit per share to $3.61, beating analysts' estimate of $3.49. Revenue came in at $2.38 billion, edging past analyst's average estimate of $2.34 billion.

The company expects annual revenue between $9.48 billion and $9.56 billion, up from its prior range of $9.40 billion to $9.52 billion, according to LSEG data.

Cintas expects fiscal 2024 adjusted profit in the range of $14.35 to $14.65 per share, compared with its prior forecast of $14 to $14.45 per share.

(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Tasim Zahid)