US' Cintas Corporation posts gross margin of $946.2 mn in Q4

Operating income for the fourth quarter of fiscal 2022 was $404.4 million compared to $356.4 million in last year's fourth quarter, an increase of 13.5 per cent. Operating income as a percentage of revenue was 19.5 per cent in the fourth quarter of fiscal 2022 compared to 19.4 per cent in last year's fourth quarter.

Net income was $294.5 million for the fourth quarter of fiscal 2022 compared to $267.7 million in last year's fourth quarter. The diluted earnings per share (EPS) were $2.81 compared to $2.47 in last year's fourth quarter, an increase of 13.8 per cent, the company said in a press release.

"We are pleased with our fourth quarter financial results which were led by a strong increase in revenue. Challenged with finding labour to run their businesses, heightened concerns over sanitisation, and inflationary labour and purchasing costs, businesses increasingly outsource to Cintas to help them get Ready for the Workday. We provide products and services better, faster, and economically, enabling businesses to concentrate on their core competencies,” Todd M Schneider, Cintas' president and chief executive officer, said.

"We achieved significant accomplishments this fiscal year despite significant inflation, including delivering upon our stated financial goals of mid- to high-single digit organic revenue growth rates, incremental operating margins in the range of 20 to 30 per cent, double-digit EPS growth, and the allocation of capital to improve shareholder returns. We achieved these great results by productively selling new business, penetrating existing customers with more products and services, providing excellent service, driving operational efficiencies, and obtaining price increases. I thank our employees, whom we call "partners", for their continued focus on our customers, our shareholders, and each other,” Schneider continued.

"For our fiscal year 2023, we expect revenue to be in the range of $8.47 billion to $8.58 billion and diluted EPS to be in the range of $11.90 to $12.30,” Schneider concluded.

Fibre2Fashion News Desk (RR)