- Cintas Corporation (NASDAQ:CTAS) reported third-quarter FY23 sales growth of 11.7% year-on-year to $2.19 billion, beating the consensus of $2.15 billion.
- Organic revenue growth rate was 11.8% for the quarter.
- Gross margin expanded by 140 basis points Y/Y to 47.2% in the quarter.
- Selling and administrative expenses rose 19.7% to $587.2 million. Operating income increased 9.6% to $446.8 million, while the operating margin contracted by 40 basis points to 20.4%.
- EPS of $3.14 beat the analyst consensus of $3.04.
- The company held $88.6 million in cash and equivalents as of February 28, 2023. Net cash provided by operations for nine months totaled $1 billion, with a free cash flow of $820.1 million.
- Outlook: Cintas raised its annual revenue expectations from $8.67 billion – $8.75 billion to $8.74 billion – $8.80 billion, above the consensus of $8.73 billion.
- The company boosted the FY23 EPS outlook from $12.50 – $12.80 to $12.70 – $12.90 versus the consensus of $12.73.
- Price Action: CTAS shares are trading higher by 4.23% at $462.40 on the last check Wednesday.
FDA Presses Delay Button For Applied Therapeutics’ First Potential Marketed Drug For Rare Disease
FDA extends the review period for Applied Therapeutics' NDA for govorestat, targeting Classic Galactosemia treatment. The new action date is set for November 28, 2024. Applied Therapeutics anticipates a decision from EMA in Q4 2024.
