Press release
Cintas Corporation Announces Fiscal 2020 Third Quarter Results
CINCINNATI--(BUSINESS WIRE)-- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2020 third quarter ended February 29, 2020. 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 third quarter ended February 29, 2020. Revenue for the third quarter of fiscal 2020 was $1.81 billion, an increase of 7.6% over last year’s third quarter. Earnings per diluted share (EPS) from continuing operations were $2.16 in the third quarter of fiscal 2020, an increase of 17.4% over last year's third quarter EPS, adjusted for G&K Services, Inc. (G&K) integration expenses. Free cash flow for the third quarter of fiscal 2020 was $300.0 million, an increase of 17.2% over last year's third quarter.\n\n\nScott D. Farmer, Cintas' Chairman and Chief Executive Officer, stated, \"We are pleased with our third quarter and fiscal year-to-date performance which includes strong growth in revenue, EPS and cash flow generation. More importantly, though, our concerns have turned to the COVID-19 coronavirus and its effects on our customers, our employee-partners and our communities. The pandemic has created a very fluid environment in the markets in which we operate, and I can't thank our employee-partners enough for doing our part to keep our customers' places of work clean, safe and Ready for the WorkdayTM.\"\n\n\nThe organic revenue growth rate for the third quarter of fiscal 2020, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations, and differences in the number of workdays, was 5.7%. The organic revenue growth rate for the Uniform Rental and Facility Services operating segment was 4.8%, and the organic revenue growth rate for the First Aid and Safety Services operating segment was 12.5%.\n\n\nGross margin for the third quarter of fiscal 2020 of $824.4 million increased 9.2% from last year’s third quarter. Gross margin as a percentage of revenue increased 60 basis points to 45.5% for the third quarter of fiscal 2020 compared to 44.9% in the third quarter of fiscal 2019.\n\n\nOperating income for the third quarter of fiscal 2020 of $314.7 million increased 13.1% from last year’s third quarter operating income of $278.3 million. Operating income as a percentage of revenue was 17.4% in the third quarter of fiscal 2020 compared to 16.5% in the third quarter of fiscal 2019. Operating income in the third quarter of fiscal 2019 was impacted by non-recurring integration expenses related to the G&K a...