Press release
Cintas Corporation Announces Fiscal 2021 Third Quarter Results
CINCINNATI--(BUSINESS WIRE)-- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2021 third quarter ended February 28, 2021. Revenue for
About this update from Cintas Corporation
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nCintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2021 third quarter ended February 28, 2021. Revenue for the third quarter of fiscal 2021 was $1.78 billion compared to $1.81 billion in last year’s third quarter. Diluted earnings per share (EPS) were $2.37 in the third quarter of fiscal 2021, an increase of 9.7% from last year's third quarter diluted EPS.\n\nThe organic revenue growth rate for the third 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 flat. The organic revenue growth rate for the Uniform Rental and Facility Services operating segment was also flat. Organic revenue for the First Aid and Safety Services operating segment increased 17.7%.\n\nGross margin for the third quarter of fiscal 2021 was $809.5 million compared to $824.4 million in last year’s third quarter. Gross margin as a percentage of revenue increased 10 basis points to 45.6% for the third quarter of fiscal 2021 compared to 45.5% in the third quarter of fiscal 2020.\n\nOperating income for the third quarter of fiscal 2021 of $326.5 million increased 3.8% from last year’s third quarter operating income of $314.7 million. Operating income as a percentage of revenue increased 100 basis points to 18.4% in the third quarter of fiscal 2021 compared to 17.4% in the third quarter of fiscal 2020.\n\nNet income from continuing operations was $258.4 million for the third quarter of fiscal 2021, an increase of 10.2% from last year's third quarter net income from continuing operations of $234.5 million. Third quarter of fiscal 2021 diluted EPS were $2.37, an increase of 9.7% from last year's third quarter diluted EPS of $2.16.\n\nDuring the third quarter of fiscal 2021, Cintas purchased $82.0 million of Cintas common stock under its buyback program. On March 15, 2021, Cintas paid shareholders $79.5 million in quarterly dividends.\n\nScott D. Farmer, Cintas' Chairman and Chief Executive Officer, stated, \"The COVID-19 coronavirus pandemic continues, and it remains a significant disruption to the economy. COVID-19 case counts surged early in our third quarter, and the economy slowed considerably. We were further challenged in the quarter by severe winter weather which caused extensive ...