Press release
Cintas Corporation Announces Fiscal 2023 Third Quarter Results
CINCINNATI--(BUSINESS WIRE)-- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2023 third quarter ended February 28, 2023. Revenue for
About this update from Cintas Corporation
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nCintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2023 third quarter ended February 28, 2023. Revenue for the third quarter of fiscal 2023 was $2.19 billion compared to $1.96 billion in last year’s third quarter, an increase of 11.7%. The organic revenue growth rate for the third quarter of fiscal 2023, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 11.8%.\n\nGross margin for the third quarter of fiscal 2023 was $1,034.0 million compared to $898.2 million in last year’s third quarter, an increase of 15.1%. Gross margin as a percentage of revenue was 47.2% for the third quarter of fiscal 2023 compared to 45.8% in last year's third quarter, an increase of 140 basis points. Energy expenses comprised of gasoline, natural gas and electricity were 15 basis points lower for the third quarter of fiscal 2023 compared to last year's third quarter.\n\nOperating income for the third quarter of fiscal 2023 was $446.8 million compared to $407.6 million in last year's third quarter. Operating income as a percentage of revenue was 20.4% in the third quarter of fiscal 2023 compared to 20.8% in last year's third quarter. Fiscal 2022 third quarter operating income included a $30.2 million gain on an equity method investment transaction. The gain was recorded in selling and administrative expenses. Excluding this gain, fiscal 2023 third quarter operating income as a percentage of revenue of 20.4% compared to 19.3% in last year's third quarter, an increase of 110 basis points.\n\nNet income was $325.8 million for the third quarter of fiscal 2023 compared to $315.4 million in last year's third quarter. Third quarter of fiscal 2023 diluted earnings per share (EPS) was $3.14 compared to $2.97 in last year's third quarter. Fiscal 2022 third quarter diluted EPS contained $0.28 from the gain on an equity method investment transaction, which included a related $0.07 tax rate benefit. Excluding this gain and the related tax benefit, fiscal 2023 third quarter diluted EPS of $3.14 compared to $2.69 in last year's third quarter, an increase of 16.7%.\n\nOn December 15, 2022, Cintas paid an aggregate quarterly cash dividend of $117.4 million to shareholders, an increase of 18.6% from the amount paid last December.\n\nTodd M. Schneider, Cintas' President and...