Cintas shares pop after the uniform maker tops Q3 earnings expectations
The stock is the best performer in the S&P 500 today.
Cintas shares jumped 7% on Wednesday, leading the S&P 500 after the uniform and office supply maker beat Q3 earnings expectations.
The company reported earnings per share of $1.13, well above the $1.05 analysts had forecast. Revenue also topped expectations, climbing 8% to $2.61 billion. Cintas’ CEO said recent acquisitions, including of fellow uniform maker Huebsch Services last year, helped drive growth, adding 0.9% to the company’s top line.
But not every deal is moving forward: Cintas called off its proposed $5.3 billion purchase of rival UniFirst this week after the companies couldn’t agree on “key transaction terms.”
Looking ahead, Cintas raised its full-year EPS guidance to between $4.36 and $4.40 — up from its previous outlook and above Wall Street’s expectations, showing confidence in the company’s continued strong performance.
The stock is up nearly 31% over the past year.