July 22, 2024
Cintas’ Sales Rise Nearly 9% in Its 2024 Fiscal Year
The publicly traded Counselor Top 40 distributor is projecting another annual revenue rise in its 2025 fiscal year, which began June 1.
Cintas (asi/162167), a Counselor Top 40 distributor, increased total company sales 8.9% on an annual basis to $9.6 billion during its most recent fiscal year, which ended May 31.
That’s according to a newly released full fiscal-year financial report from the Ohio-headquartered corporation, best known for its uniform rental and facility service solutions. The sales tally includes revenue from all of Cintas – much more than just its promotional products business, a specific number for which wasn’t provided.
“We believe our results demonstrate the Cintas value proposition continues to resonate,” said CEO Todd M. Schneider. “We have a product or service to help nearly every business across North America focus on what they do best, while we take care of their image, safety, cleanliness and compliance needs.”
Cintas scored success on the bottom line, too. Net income increased 16.6% year over year to about $1.57 billion, translating to basic earnings per share of $15.40 and diluted EPS of $15.15.
Meanwhile, operating income for fiscal 2024 was $2.07 billion compared to $1.8 billion for fiscal 2023, an increase of 14.8%.
Notably, Cintas spent $186.8 million on acquiring businesses during its recently concluded fiscal year.
A strong fourth quarter capped the good 2024. In Cintas’ fiscal Q4, company sales rose 8.2% year over year to $2.47 billion. Q4 net income leapt to $414.3 million, up from the prior-year figure of $346.2 million. Quarterly basic and diluted EPS both rose on an annual basis, registering $4.06 and $3.99, respectively.
For its fiscal 2025 year, which began June 1, Cintas is projecting revenue in the range of $10.16 billion to $10.31 billion.
“Our fiscal 2025 outlook reflects our continued confidence in our strategy,” said Schneider. “We remain focused on delivering outstanding customer experiences, nurturing the differentiated Cintas culture that drives our employee-partners and our success, and achieving growth and margin expansion aided by superior operations and investments in technology.”
Based on estimated 2022 North American promotional product revenue of $199.1, Cintas ranked 16 on the most recent list of the largest distributors in the industry.