Press release
Cintas Corporation Announces Fiscal 2021 Fourth Quarter and Full Year Results
CINCINNATI--(BUSINESS WIRE)-- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2021 fourth quarter ended May 31, 2021. Revenue for the
About this update from Cintas Corporation
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nCintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2021 fourth quarter ended May 31, 2021. Revenue for the fourth quarter of fiscal 2021 was $1.84 billion compared to $1.62 billion in last year’s fourth quarter. Diluted earnings per share (EPS) were $2.47 in the fourth quarter of fiscal 2021, an increase of 83.0% from last year's fourth quarter diluted EPS of $1.35.\n\nThe organic revenue growth rate for the fourth quarter of fiscal 2021, which is adjusted for the impacts of acquisitions, divestitures, foreign currency exchange rate fluctuations and differences in the number of workdays, was 11.5%. The organic revenue growth rate for the Uniform Rental and Facility Services reportable operating segment was 13.7%. Organic revenue for the First Aid and Safety Services reportable operating segment declined 6.8%.\n\nGross margin for the fourth quarter of fiscal 2021 was $859.1 million compared to $707.8 million in last year’s fourth quarter. Gross margin as a percentage of revenue increased 310 basis points to 46.8% for the fourth quarter of fiscal 2021 compared to 43.7% in the fourth quarter of fiscal 2020.\n\nOperating income for the fourth quarter of fiscal 2021 of $356.4 million increased 71.8% from last year’s fourth quarter operating income of $207.4 million. Operating income as a percentage of revenue increased 660 basis points to 19.4% in the fourth quarter of fiscal 2021 compared to 12.8% in the fourth quarter of fiscal 2020. Fiscal 2020 fourth quarter operating income was affected by many items caused by the COVID-19 pandemic including incremental allowances for doubtful accounts, inventory reserves, employee-partner termination costs, asset impairment charges, and lower incentive compensation expense.\n\nNet income from continuing operations was $267.7 million for the fourth quarter of fiscal 2021, an increase of 85.2% from last year's fourth quarter net income from continuing operations of $144.6 million. Fourth quarter of fiscal 2021 diluted EPS was $2.47, an increase of 83.0% from last year's fourth quarter diluted EPS of $1.35.\n\nDuring the fourth quarter of fiscal 2021 and our first quarter of fiscal 2022 to date, Cintas purchased $979.0 million of Cintas common stock under its buyback program. On June 15, 2021, Cintas paid shareholders $79.2 million in quarterly ...