Cintas’ Revenues Climbed In Its Fiscal 2022 Second Quarter
Cintas Corporation (PPAI 303547, D12) has shared the results of its fiscal 2022 second quarter, which ended November 30, 2021. Revenue for the Cincinnati, Ohio-based distributor’s second quarter was $1.92 billion compared to $1.76 billion for last year’s second quarter, an increase of 9.4 percent. The organic revenue growth rate for second quarter 2022, which adjusts for the impacts of acquisitions, divestitures and foreign currency exchange rate fluctuations, was 9.3 percent.
Cintas’ gross margin for second quarter 2022 was $885.1 million, compared to $819.9 million in the previous year. Gross margin as a percentage of revenue was 46 percent, against 46.7 percent in last year’s second quarter.
Operating income for second quarter was $381.2 million, up from $352.9 million last year. As a percentage of revenue, operating income was 19.8 percent in second quarter fiscal 2022 compared to 20.1 percent last year. In second quarter fiscal 2021, operating income included an $18 million gain from the sale of certain uniform rental and facility services segment operating assets. Excluding this gain, fiscal 2022 second quarter operating income as a percentage of revenue increased 70 basis points from 19.1 percent in last year’s second quarter.
Net income in second quarter fiscal 2022 was $294.7 million, compared to $284.9 million in last year’s second quarter. Diluted earnings per share (EPS) for the quarter was $2.76, an increase from $2.62 in last year’s second quarter. Last year, the diluted EPS included $0.25 from the gain on the sale of the uniform rental and facility services segment operating assets and the related tax benefit. Excluding this impact, fiscal 2022 second quarter diluted EPS increased 16.5 percent from last year's diluted EPS of $2.37.
“We are pleased with our second-quarter financial results led by a strong revenue increase of 9.4 percent,” says Todd M. Schneider, Cintas’ president and CEO. “Also, operating income and diluted EPS excluding last year’s gain previously mentioned increased significantly despite U.S. inflation recently hitting a 39-year high and our investment in labor to support revenue growth. I am proud of the execution of our employee-partners in providing the products and services needed to help our customers get ready for the workday.”