Cintas Lifts FY24 Earnings, Revenue View Above Market; Stock Up In Pre-market

(RTTNews) - Business services company Cintas Corp. (CTAS), while announcing higher third-quarter results, on Wednesday raised its forecast for fiscal 2024 earnings and revenues, both above market estimates.

In pre-market activity on the Nasdaq, Cintas shares were gaining around 6 percent to trade at $670.

For the year, the company now expects earnings per share in a range of $14.80 to $15.00, higher than previously projected earnings of $14.35 to $14.65 per share.

Annual revenues are now estimated to be $9.57 billion to $9.60 billion, while previous view was in a range of $9.48 billion to $9.56 billion.

Analysts on average expect the company to report earnings of $14.6 per share on revenues of $9.56 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In the third quarter, Cintas reported higher profit, above the Street estimates.

The company's bottom line totaled $397.58 million, or $3.84 per share, an increase of 22.0 percent from $325.83 million, or $3.14 per share last year.

Analysts had expected the company to earn $3.58 per share.

The company's revenue for the quarter rose 9.9 percent to $2.41 billion from $2.19 billion last year.

The organic revenue growth was 7.7 percent.

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