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Nov 30, 2022
Cintas Q2 2023 Earnings Report
Cintas' Q2 2023 results showed revenue growth and increased EPS.
Key Takeaways
Cintas Corporation reported a revenue increase of 13.1% to $2.17 billion and diluted EPS of $3.12, a 13.0% increase compared to the previous year's second quarter. The company is raising its full fiscal year revenue and diluted EPS guidance.
Revenue for the second quarter of fiscal 2023 was $2.17 billion, a 13.1% increase year-over-year.
Organic revenue growth rate was 12.8% for the second quarter of fiscal 2023.
Diluted earnings per share (EPS) increased by 13.0% to $3.12.
The company is increasing its full fiscal year financial guidance for revenue and diluted EPS.
Revenue by Segment
Forward Guidance
Cintas is raising its annual revenue expectations from a range of $8.58 billion to $8.67 billion to a range of $8.67 billion to $8.75 billion and diluted EPS from a range of $12.30 to $12.65 to a range of $12.50 to $12.80.
Positive Outlook
- Fiscal year 2023 operating income is expected to be in the range of $1.75 billion to $1.79 billion compared to $1.55 billion in fiscal year 2022, adjusted to exclude the gains.
- Revenue guidance low end of range $8,670.0 million, growth vs. Fiscal 2022 10.4%.
- Revenue guidance high end of range $8,750.0 million, growth vs. Fiscal 2022 11.4%.
- EPS low end of range $12.50, growth vs. Fiscal 2022 10.8%.
- EPS high end of range $12.80, growth vs. Fiscal 2022 13.5%.
Challenges Ahead
- Fiscal year 2023 interest expense is expected to be approximately $113.0 million compared to $88.8 million in fiscal year 2022, due in part to higher interest rates.
- Fiscal year 2023 effective tax rate is expected to be 20.7% compared to a rate of 17.9% in fiscal year 2022, after excluding the gains and their related tax impacts from the reported rate of 17.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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