Press release
Cintas Corporation Announces Fiscal 2020 First Quarter Results
CINCINNATI--(BUSINESS WIRE)-- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2020 first quarter ended August 31, 2019. Revenue for
About this update from Cintas Corporation
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nCintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2020 first quarter ended August 31, 2019.\n\n\nRevenue for the first quarter of fiscal 2020 was $1.81 billion, an increase of 6.7% over last year’s first quarter. The organic revenue growth rate, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations, and differences in the number of workdays, was 8.3%. The organic revenue growth rate for the Uniform Rental and Facility Services operating segment was 7.5%, and the organic revenue growth rate for the First Aid and Safety Services operating segment was 13.8%.\n\n\nGross margin for the first quarter of fiscal 2020 of $849.1 million increased 9.6% from last year’s first quarter. Gross margin as a percentage of revenue was 46.9% for the first quarter of fiscal 2020 compared to 45.6% in the first quarter of fiscal 2019. Uniform Rental and Facility Services operating segment gross margin as a percentage of revenue improved 150 basis points from last year’s first quarter to 47.2%, and the First Aid and Safety Services operating segment gross margin as a percentage of revenue improved 110 basis points to 49.0%.\n\n\nOperating income for the first quarter of fiscal 2020 of $306.1 million increased 15.4% from last year’s first quarter operating income of $265.2 million. Operating income as a percentage of revenue was 16.9% in the first quarter of fiscal 2020 compared to 15.6% in the first quarter of fiscal 2019. Operating income in the first quarter of fiscal 2019 was negatively impacted by integration expenses related to the G&K Services, Inc. (G&K) acquisition by $4.9 million, or 30 basis points.\n\n\nNet income from continuing operations was $250.8 million for the first quarter of fiscal 2020, compared to $212.5 million in the first quarter of fiscal 2019, an increase of 18.0%. Earnings per diluted share (EPS) from continuing operations were $2.32 for the first quarter of fiscal 2020, compared to $1.89 in the prior year first quarter. G&K acquisition integration expenses negatively impacted EPS in the first quarter of fiscal year 2019 by $0.04.\n\n\nThe following table provides a comparison of fiscal 2020 first quarter EPS to fiscal 2019 first quarter EPS:\n\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n\n\n \n\n\n\nAugust 31,\n2019\n\n\n\n \n\n\n\nAugu...