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- Cintas exceeds estimates and raises guidance – the stock reaches a new all-time high
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- Cintas exceeds estimates and raises guidance – the stock reaches a new all-time high
- Founded: 1929
- Headquarters: Mason, Ohio, United States
- Number of employees: 44,500 (2023)
- Industry: Service
- Key people: Todd Schneider (CEO), Scott D. Farmer (Executive Chairman), Mike Thompson (Executive Vice President and CAO)
- 5 day: +8.56%
- 1 month: +9.29%
- 3 months: +13.71%
- Year-to-date: +14.38%
- 1 year: +48.20%
- Barclays: $700
- Truist Financial: $660
- Stifel: $585
- Royal Bank of Canada: $645
- JP Morgan Chase & Co.: $640
- Deutsche Bank: $590
- Citigroup: $530
- Robert W. Baird: $540
- Bank of America: $565
- Wells Fargo & Company: $500
- UBS Group: $575
- Morgan Stanley: $441
- Argus: $540
- Jefferies Financial Group: $487
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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News & analysisNews & analysisCintas exceeds estimates and raises guidance – the stock reaches a new all-time high
28 March 2024 By Klavs ValtersQ1 earnings season is nearly finished but there are still a few companies expected to release their latest results for the previous quarter.
On Wednesday, Cintas Corporation (NASDAQ: CTAS) announced their latest financial results.
American company that specializes in the manufacturing and sale of workwear and uniforms achieved revenue of $2.406 billion in fiscal 2024 third quarter, which was above analyst estimate of $2.39 billion.
Earnings per share (EPS) also topped estimates at $3.84 vs. $3.576 per share expected.
Revenue and EPS were up by 9.9% and 22.3% year-over-year respectively.
Company overview
CEO commentary
“Our third quarter results reflect the outstanding dedication and execution of our employees, whom we call partners. Each of our operating segments continue to execute at a high level, which led to robust revenue growth of 9.9%, record high gross margin of 49.4%, record high operating margin of 21.6% and diluted EPS growth of 22.3%,” Todd Schneider, CEO of Cintas said in a statement to shareholders.
Schneider also announced that the company is raising its guidance for 2024: “Based on our third quarter results, we are increasing our full fiscal year financial guidance. We are raising our annual revenue expectations from a range of $9.48 billion to $9.56 billion to a range of $9.57 billion to $9.60 billion and our diluted EPS from a range of $14.35 to $14.65 to a range of $14.80 to $15.00.”
Stock reaction
The stock was up by over 9% on Wednesday, trading at above $700 level for the first time ever during the trading session.
Stock performance
Cintas stock price targets
Cintas Corporation is the 261st largest company in the world with a market cap of $69.82 billion, according to CompaniesMarketCap.
You can trade Cintas Corporation (NASDAQ: CTAS) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to “Trading” then select “Share CFDs”.
GO Markets offers pre-market and after-market trading on popular US Share CFDs.
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Sources: Cintas Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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