Cintas Q1 2022 Earnings Report
Key Takeaways
Cintas Corporation announced its fiscal 2022 first-quarter results, with revenue increasing by 8.6% to $1.90 billion and diluted earnings per share rising by 11.9% to $3.11.
Revenue for Q1 2022 was $1.90 billion, an 8.6% increase compared to Q1 2021.
Diluted earnings per share (EPS) for Q1 2022 were $3.11, an 11.9% increase compared to Q1 2021.
Operating income for Q1 2022 increased by 12.7% to $394.1 million.
Cintas is raising its annual revenue expectations from a range of $7.53 billion to $7.63 billion to a range of $7.58 billion to $7.67 billion and diluted EPS from a range of $10.35 to $10.75 to a range of $10.60 to $10.90.
Cintas
Cintas
Cintas Revenue by Segment
Forward Guidance
Cintas is increasing its fiscal 2022 financial guidance. The company is raising its annual revenue and diluted EPS expectations.
Positive Outlook
- Annual revenue expectations raised to a range of $7.58 billion to $7.67 billion.
- Diluted EPS expectations raised to a range of $10.60 to $10.90.
- Company is navigating an unsettled environment.
- Company is focusing on providing businesses with the products and services needed to help our customers get Ready for the Workday®.
- Company looks forward to another successful fiscal year.
Challenges Ahead
- Fiscal 2022 effective tax rate is expected to be approximately 19.5% compared to a rate of 13.7% for fiscal 2021.
- Higher effective tax rate negatively impacts fiscal 2022 diluted EPS guidance by about $0.77 and diluted EPS growth by about 760 basis points.
- Guidance does not include the impact of any future share buybacks or potential tax reform.
- Guidance assumes an uneven economic recovery caused by the surging COVID-19 delta variant.
- Guidance does not contemplate significant COVID-19 pandemic-related setbacks such as stay-at-home orders and other restrictions, commonly referred to as lockdowns.
Revenue & Expenses
Visualization of income flow from segment revenue to net income