Rental work uniform provider Cintas raises full-year outlook
Investing.com -- Cintas (NASDAQ:CTAS) has lifted its annual financial outlook after strong demand for the company's rental work uniforms boosted income in the second quarter.
The Ohio-based firm, which offers items to corporate customers ranging from first aid products and restroom supplies to mats and mops, said it now expects to deliver full-year revenue of $9.48 billion to $9.56 billion, up from a prior guidance of $9.40B to $9.52B. Diluted per-share earnings are also seen at $14.35 to $14.65, an improvement from the previous band of $14.00 to $14.45.
Revenue climbed by 9.3% versus the corresponding period last year to $2.38B in the three months ended on Nov. 30, just topping Bloomberg consensus estimates of $2.34B, thanks in large part to a surge in sales at Cintas's uniform rental and facility services unit.
Net profit jumped by 15.5% to $374.61 million, translating to diluted per-share profit of $3.61.
Chief Executive Todd Schneider said in a statement that the results were "robust," adding that "each of our operating segments continue to execute at a high level."
Shares in Cintas were higher in U.S. premarket trading on Thursday.
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