Cintas Corporation Up 6.8 Percent In Third Quarter
Distributor Cintas Corporation (UPIC: CINTP001) has released third quarter results for fiscal year 2016, which ended February 29. The Cincinnati, Ohio-based company reported revenue for the quarter of $1.216 billion, an increase of 9.7 percent over the same period last year, and, adjusted for the impacts of acquisitions and foreign currency exchange rate fluctuations, growth of 6.8 percent.
Cintas’ operating income for the third quarter was $193 million, an 11.1-percent year-over-year increase. Operating income margin also improved to 15.9 percent, up from 15.7 percent last year. Net income from continuing operations for the quarter was $117.3 million compared to $100.3 million in fiscal 2015’s third quarter.
Scott D. Farmer, Cintas’ chief executive officer, says, “We continue to reach new businesses and add value to existing customers by addressing their specific needs with our innovative products and services. Our organic growth rates remain strong and well in excess of gross domestic product and employment growth. Our employees, whom we call partners, have done an outstanding job of being ready for our customers.”
As a result of its third quarter results, Cintas has updated its annual guidance and now expects fiscal 2016 revenue to be in the range of $4.86 billion to $4.89 billion and fiscal 2016 earnings per share from continuing operations to be in the range of $3.98 to $4.03.