- Cintas Corporation (NASDAQ:CTAS) reported second-quarter FY23 sales growth of 13% year-on-year to $2.17 billion, beating the consensus of $2.13 billion.
- Organic revenue growth rate was 12.8% for the quarter.
- Gross margin expanded by 100 basis points Y/Y to 47% in the quarter.
- Selling and administrative expenses were $577.5 million. Operating income increased 16.7% to $444.9 million, while the operating margin expanded by 70 basis points to 20.5%.
- EPS of $3.12 beat the analyst consensus of $3.03.
- The company held $89.8 million in cash and equivalents as of November 30, 2022. Net cash provided by operations for six months totaled $619.1 million, with a free cash flow of $472.7 million.
- Outlook: Cintas raised its annual revenue expectations from $8.58 billion – $8.67 billion to $8.67 billion – $8.75 billion, above the consensus of $8.63 billion.
- The company boosted the FY23 EPS outlook from $12.30 – $12.65 to $12.50 – $12.80 versus the consensus of $12.58.
- Price Action: CTAS shares are trading higher by 2.39% at $454.55 on the last check Wednesday.
China To Open Borders, US Hit By Winter Storm, Tesla Cybertruck Production Rumor And More: 5 Key Stories You May Have Missed From The Weekend
The news flow over the holiday weekend was very light as investors take stock of a year that was ravaged by multiple headwinds. The market direction in the final trading week, some geopolitical developments and the look ahead for 2023 predominated the chatter over the weekend.
Here's a recap of a few major headlines that hit the wire over the weekend.
