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Cintas Reports Rise in Sales, Earnings

The Top 40 promo products distributor increased sales 9.4% in its fiscal year second quarter.

Cintas (asi/162167), a Top 40 promotional products distributor, reported that total company sales and earnings increased year over year in its fiscal second quarter of 2022, which concluded Nov. 30.

The Cincinnati-headquartered corporation said that sales for the quarter increased 9.4% to $1.92 billion. Net income tallied $294.7 million, up about $10 million from last year’s Q2. Diluted earnings per share reached $2.76, a rise over the prior year’s $2.62. Operating income jumped nearly $30 million year over year to $381.2 million.

Arrow showing growth

The results are for all of Cintas’ business segments, not just promo products. Cintas’ largest segment, uniform rental and facility services, generated Q2 2022 revenue of nearly $1.54 billion. Cintas is primarily known for offerings like uniforms, mats, mops, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety training.

Cintas executives have raised their forecast for the company’s full-year revenue and earnings.

“We are increasing our fiscal 2022 financial guidance,” said CEO Todd M. Schneider. “We are raising our annual revenue expectations from a range of $7.58 billion to $7.67 billion to a range of $7.63 billion to $7.70 billion and diluted EPS from a range of $10.60 to $10.90 to a range of $10.70 to $10.95.”

Schneider formally took over as CEO on June 1, 2021 following the retirement of Scott D. Farmer from the role. Schneider has been with Cintas for 32 years.

Based on estimated 2020 North American promotional product revenue of $163.8 million, Cintas ranked 15th on Counselor’s most recent list of the largest distributors in the industry.