American company that specializes in the manufacturing and sale of workwear and uniforms, Cintas Corporation (NASDAQ: CTAS), announced the latest financial results before the opening bell in Wall Street on Thursday.

Cintas reported revenue of $2.377 billion for the second quarter of fiscal 2024 vs. $2.341 billion expected. Revenue was up by 9.3% year-over-year.

Earnings per share (EPS) reached $3.61 per share, also topping analyst estimate of $3.489 per share. EPS was up by 15.7% vs. the same period last year.

Company overview

• 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)

CEO commentary

“We are pleased with our second quarter fiscal 2024 financial results. Each of our operating segments continue to execute at a high level, leading to robust revenue growth of 9.3%, high operating margin of 21.0% and diluted EPS growth of 15.7%. This strong execution is the result of the exceptional dedication of our employee-partners. Whether it’s image, safety, cleanliness or compliance, we have innovative products and services to help businesses across North America stay focused on the work that matters most,” CEO of Cintas, Todd Schneider, said in a letter to shareholders.

Schneider also announced that the company is raising its financial guidance for the full fiscal year: “We are increasing our full fiscal year financial guidance. We are raising our annual revenue expectations from a range of $9.40 billion to $9.52 billion to a range of $9.48 billion to $9.56 billion and our diluted EPS from a range of $14.00 to $14.45 to a range of $14.35 to $14.65.”

Stock reaction

The latest results had a very positive impact on the stock price on Thursday.

Shares were up by over 4%, trading at $580.77 a share – the highest ever level.

Stock performance

• 1 month: +5.48%
• 3 months: +16.02%
• Year-to-date: +29.58%
• 1 year: +29.33%

Cintas stock price targets

• Deutsche Bank: $590
• Truist Financial: $625
• Citigroup: $530
• Robert W. Baird: $540
• Bank of America: $565
• Stifel Nicolaus: $526
• Royal Bank of Canada: $525
• Barclays: $550
• Wells Fargo: $500
• UBS Group: $575
• JP Morgan: $540
• Morgan Stanley: $441

Cintas Corporation is the 288th largest company in the world with a market cap of $59.75 billion.

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Sources: Cintas Corporation, TradingView, MarketWatch, Benzinga, CompaniesMarketCap