NASDAQ$CTAS
Cintas Corp · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported first quarter fiscal 2023 results with revenue up 14.2% and diluted EPS of $3.39.
Cintas Corporation announced its fiscal 2023 first quarter results, with revenue reaching $2.17 billion, a 14.2% increase compared to the previous year. Diluted earnings per share (EPS) was $3.39, up from $3.11 in the previous year. The company is increasing its full fiscal year financial guidance, expecting revenue between $8.58 billion and $8.67 billion and diluted EPS between $12.30 and $12.65.
- Revenue for the first quarter of fiscal 2023 was $2.17 billion, an increase of 14.2% compared to last year's first quarter.
- Organic revenue growth rate for the first quarter of fiscal 2023 was 13.9%.
- First quarter diluted earnings per share (EPS) was $3.39, compared to $3.11 in last year's first quarter.
- The company is raising its annual revenue expectations to a range of $8.58 billion to $8.67 billion and diluted EPS to a range of $12.30 to $12.65.
Headline financials
Revenue & EPS history
Cintas · Revenue · Quarterly
$2.17B
Revenue by segment
Cintas · $2.17B total across 3 segments · Q1 2023
- Uniform Rental$1.7B+12.6%78.4%
- All Other$235M+23.7%10.8%
- First Aid & Safety$234M+17.6%10.8%
Forward guidance
Cintas is increasing its full fiscal year financial guidance. The company is raising its annual revenue expectations from a range of $8.47 billion to $8.58 billion to a range of $8.58 billion to $8.67 billion and diluted EPS from a range of $11.90 to $12.30 to a range of $12.30 to $12.65.
Tailwinds
- Fiscal year 2023 operating income is expected to be in the range of $1.72 billion to $1.76 billion compared to $1.55 billion in fiscal year 2022, adjusted to exclude the gains.
- Our diluted EPS guidance includes no future share buybacks.
- Revenue guidance is between $8.58 billion and $8.67 billion.
- EPS guidance is between $12.30 and $12.65.
- Each of our operating segments grew revenue at a double-digit rate.
Headwinds
- Fiscal year 2023 interest expense is expected to be approximately $110.0 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 approximately 20.0% compared to a rate of 17.9% in fiscal year 2022.
- The expected higher effective tax rate will negatively impact fiscal year 2023 diluted EPS by approximately $0.32 and diluted EPS growth by approximately 290 basis points.
- We remain in a dynamic environment that can continue to change.
- Our guidance assumes a stable economy and excludes COVID-19 pandemic-related setbacks or economic downturns.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
+0.8%
Avg return
Earnings day
+1.8%
Avg return
5 days after
+3.6%
Avg return
30 days after
54%
37 / 68 earnings
Positive
+9.8%
Q4 2017
Best reaction
-8.5%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -0.5% | +1.2% | — | |
| Q2 2026 | +0.7% | +1.8% | +4.3% | |
| Q1 2026 | -0.3% | +1.7% | -4.9% | |
| Q4 2025 | -1.7% | +2.3% | +2.1% | |
| Q3 2025 | +5.8% | +6.2% | +7.7% | |
| Q2 2025 | -8.5% | -7.8% | -3.0% | |
| Q1 2025 | +1.1% | +0.5% | +1.2% | |
| Q4 2024 | +5.4% | +5.0% | +6.3% | |
| Q3 2024 | +8.5% | +7.4% | +5.2% | |
| Q2 2024 | +7.5% | +8.8% | +8.2% | |
| Q1 2024 | -4.8% | -4.8% | -1.4% | |
| Q4 2023 | +0.7% | +2.2% | -0.6% | |
| Q3 2023 | +5.4% | +3.9% | +2.7% | |
| Q2 2023 | +1.9% | +3.0% | -1.7% | |
| Q1 2023 | +1.6% | +4.5% | +11.5% | |
| Q4 2022 | +2.8% | +2.4% | +15.0% | |
| Q3 2022 | +4.4% | +7.7% | +3.8% | |
| Q2 2022 | -0.4% | +1.2% | -13.1% | |
| Q1 2022 | -1.4% | +0.0% | +12.2% | |
| Q4 2021 | +1.9% | +2.7% | +2.8% | |
| Q3 2021 | -3.1% | -3.3% | +0.7% | |
| Q2 2021 | -1.9% | -2.2% | -4.2% | |
| Q1 2021 | -1.7% | +3.7% | +4.3% | |
| Q4 2020 | +4.6% | +1.5% | +10.7% | |
| Q3 2020 | -1.6% | -2.3% | +14.7% | |
| Q2 2020 | +2.0% | +4.1% | +9.9% | |
| Q1 2020 | +4.7% | +4.5% | +6.9% | |
| Q4 2019 | +7.0% | +6.0% | +6.9% | |
| Q3 2019 | -5.2% | -2.8% | +4.1% | |
| Q2 2019 | -3.1% | -5.5% | +12.0% | |
| Q1 2019 | -4.7% | -6.3% | -17.7% | |
| Q4 2018 | +5.7% | +7.5% | +10.5% | |
| Q3 2018 | -3.1% | -2.1% | -0.1% | |
| Q2 2018 | -1.4% | -2.2% | +3.1% | |
| Q1 2018 | +5.2% | +5.4% | +10.7% | |
| Q4 2017 | +9.8% | +8.9% | +5.2% | |
| Q3 2017 | +1.7% | +1.1% | -0.5% | |
| Q2 2017 | -2.6% | -2.5% | -4.7% | |
| Q1 2017 | +2.6% | -0.5% | -6.6% | |
| Q4 2016 | +9.4% | +10.5% | +16.6% | |
| Q3 2016 | -4.3% | — | — | |
| Q2 2016 | +2.9% | — | — | |
| Q1 2016 | +2.1% | — | — | |
| Q4 2015 | -0.6% | — | — | |
| Q3 2015 | -1.5% | — | — | |
| Q2 2015 | +8.8% | — | — | |
| Q1 2015 | +6.5% | — | — | |
| Q4 2014 | +2.0% | — | — | |
| Q3 2014 | +0.6% | — | — | |
| Q2 2014 | +5.4% | — | — | |
| Q1 2014 | -0.1% | — | — | |
| Q4 2013 | -1.9% | — | — | |
| Q3 2013 | -3.5% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | -1.5% | — | — | |
| Q4 2012 | -4.7% | — | — | |
| Q3 2012 | -3.1% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q1 2012 | +1.5% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q3 2011 | -2.1% | — | — | |
| Q3 2010 | -2.1% | — | — | |
| Q2 2011 | +0.3% | — | — | |
| Q2 2010 | +0.3% | — | — | |
| Q1 2011 | +0.6% | — | — | |
| Q4 2010 | +0.6% | — | — | |
| Q1 2010 | +0.6% | — | — |
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