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Cintas Corporation Announces Record Fiscal 2019 Results

Nachrichtenquelle: Business Wire (engl.)
16.07.2019, 22:15  |  382   |   |   

Cintas Corporation (Nasdaq: CTAS) today reported record revenue and net income for its fiscal 2019 fourth quarter and full year ended May 31, 2019.

Revenue for the fourth quarter of fiscal 2019 was $1.79 billion, an increase of 7.4% over last year’s fourth quarter. The organic revenue growth rate, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 7.6%. The organic revenue growth rate for the Uniform Rental and Facility Services operating segment was 6.8%, and the organic revenue growth rate for the First Aid and Safety Services operating segment was 10.7%.

Gross margin for the fourth quarter of fiscal 2019 of $823.6 million increased 9.5% from last year’s fourth quarter. Gross margin as a percentage of revenue was 45.9% for the fourth quarter of fiscal 2019 compared to 45.1% in the fourth quarter of last fiscal year. Uniform Rental and Facility Services operating segment gross margin as a percentage of revenue improved 100 basis points from last year’s fourth quarter to 46.0%, and the First Aid and Safety Services operating segment gross margin percentage improved 70 basis points to 47.7%.

Operating income for the fourth quarter of fiscal 2019 of $314.4 million increased 18.4% from last year’s fourth quarter operating income of $265.5 million. Operating income as a percentage of revenue was 17.5% in the fourth quarter of fiscal 2019 compared to 15.9% in the fourth quarter of fiscal 2018. Operating income was negatively impacted by integration expenses related to the G&K Services, Inc. (G&K) acquisition by $0.9 million in the fourth quarter of fiscal 2019 and $15.0 million in the fourth quarter of fiscal 2018. Excluding the integration expenses related to the G&K acquisition, operating income as a percentage of revenue was 17.6% in the fourth quarter of fiscal 2019 compared to 16.8% in the fourth quarter of last fiscal year.

Net income from continuing operations was $226.2 million for the fourth quarter of fiscal 2019, compared to $189.3 million in the fourth quarter of fiscal 2018, an increase of 19.5%. Earnings per diluted share (EPS) from continuing operations were $2.06 for the fourth quarter of fiscal 2019, compared to $1.68 in the prior year fourth quarter. G&K acquisition integration expenses negatively impacted EPS in the fourth quarter of fiscal year 2019 and 2018 by $0.01 and $0.09, respectively. Excluding the integration expenses related to the G&K acquisition, adjusted EPS from continuing operations for the fourth quarter were $2.07 compared to $1.77 for last year's fourth quarter, an increase of 16.9%.

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