- 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.
Don’t Stop Believin’: These Bandmates Are Fighting Over Support For Donald Trump
One of the most popular rock and roll songs of all time has found itself the subject of an internal fight for a band.
The source of the dispute is none other than former President Donald Trump.
