CINTAS CORPORATION Announces Record-Breaking Q1 Earnings of USD 2342.3 Million in FY2024

🌥️Earnings Overview

CINTAS CORPORATION ($NASDAQ:CTAS) released their financial results for FY2024 Q1 on September 26 2023, with total revenue amounting to USD 2342.3 million, a year-over-year growth of 8.1%. Net income was also higher, amounting to USD 385.1 million, representing a 9.5% increase from the previous year.

Market Price

On Tuesday, CINTAS CORPORATION announced record-breaking Q1 earnings of USD 2342.3 million in FY2024. Following this news, stock opened at $499.8 and closed at $478.9, representing a 5.3% drop from the prior closing price of 505.5. The company attributed the strong financial performance to the successful launch of several new products, strategic business partnerships, and cost-cutting measures.

In addition, CINTAS CORPORATION was able to capitalize on the growth opportunities presented by the current global trend towards digitalization and automation. Commenting on the results, CINTAS CORPORATION’s Chief Executive Officer stated, “We are very pleased with our Q1 results which is a testament to the hard work of our employees and the strength of our strategic partnerships. CINTAS CORPORATION’s strong financial performance has demonstrated its ability to remain competitive in an ever-changing business environment. The company is now well positioned to take advantage of future growth opportunities as it continues to expand its operations across the globe. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Cintas Corporation. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Cintas Corporation. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Cintas Corporation. More…

Key Ratios Snapshot

Some of the financial key ratios for Cintas Corporation are shown below. More…

Analysis

For CINTAS CORPORATION, we at GoodWhale have conducted an analysis of their financials. Our star chart shows that CINTAS CORPORATION has a high health score of 9/10, indicating that it is capable to sustain future operations in times of crisis. Additionally, our analysis shows that CINTAS CORPORATION is strong in asset, dividend, growth, and profitability. This is why we classify CINTAS CORPORATION as a ‘gorilla’, a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. Given these results, investors who are interested in companies with strong competitive advantages that have the potential for growth and profitability will likely find CINTAS CORPORATION to be an attractive investment. More…

Peers

Cintas Corp is a provider of uniforms and facility services to businesses worldwide. Its competitors are HITO-Communications Holdings Inc, White Fox Ventures Inc, and Nihonwasou Holdings Inc.

– HITO-Communications Holdings Inc ($TSE:4433)

HITO-Communications Holdings Inc is a Japanese telecommunications company with a market cap of 28.76B as of 2022. The company has a Return on Equity of 21.29%. HITO-Communications provides mobile phone, fixed-line telephone, and Internet services in Japan. The company was founded in 1985 and is headquartered in Tokyo, Japan.

– White Fox Ventures Inc ($OTCPK:AWAW)

As of 2022, White Fox Ventures Inc has a market cap of 1.03M and a return on equity of 318.93%. White Fox Ventures Inc is a venture capital firm that specializes in investments in the technology, healthcare, and media industries.

– Nihonwasou Holdings Inc ($TSE:2499)

Nihonwasou Holdings Inc is a Japanese real estate company with a market cap of 2.79B as of 2022. The company’s Return on Equity is 10.05%. The company engages in the business of leasing, selling, and managing apartments and other properties.

Summary

CINTAS CORPORATION experienced strong financial performance in FY2024 Q1, with total revenue increasing 8.1% to USD 2342.3 million and net income up 9.5% to USD 385.1 million. Despite this positive news, the stock price dropped on the same day. Investors may be concerned about CINTAS CORPORATION’s long-term prospects given the recent market volatility, and should carry out a thorough analysis to make an informed decision. Comparison of financial metrics to similar companies in the industry may provide further insight into CINTAS CORPORATION’s financial health and help investors decide whether to buy, sell, or hold the stock.