Cintas Lifts Outlook, Posts Higher 1Q Profit and Sales

Dow Jones09-23 21:04
 
 

Cintas raised its outlook for the year and logged higher profit and sales in its fiscal first quarter, as it continues working to close its acquisition of UniFirst.

The company--which makes uniforms and cleaning supplies for other businesses--on Wednesday posted a profit of $551.7 million, or $1.36 a share, for its three months ended Aug. 31, up from $491.1 million, or $1.20 a share, a year earlier.

Stripping out certain one-time items, such as costs tied to its acquisition of UniFirst, earnings came in at $1.39 a share. Analysts polled by FactSet expected adjusted earnings of $1.35 a share.

Total revenue climbed 11% to $3.01 billion, ahead of the $2.98 billion that Wall Street modeled.

Cintas is in the midst of closing the acquisition of uniform company UniFirst. Chief Executive Todd Schneider said Cintas continues to work with the Federal Trade Commission as the agency reviews the deal, which is expected to close before the end of the year.

Looking ahead, Cintas narrowed and raised its full-year outlook. The company now expects adjusted earnings of $5.45 to $5.54 a share on revenue of $12.15 billion to $12.27 billion, up from a previous forecast for adjusted earnings of $5.36 to $5.50 a share on revenue of $12.10 billion to $12.25 billion.

The guidance excludes expected effects from the proposed UniFirst acquisition.

 
 

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