Cintas Corporation (NASDAQ:CTAS) reported better-than-expected third-quarter financial results and raised FY24 guidance.

Cintas posted GAAP earnings of $3.84 per share, beating market estimates of $3.59 per share. The company’s quarterly sales came in at $2.406 billion, versus expectations of $2.386 billion, according to data from Benzinga Pro.

Todd M. Schneider, Cintas’ President, and Chief Executive Officer, stated, “Each of our operating segments continue to execute at a high level, which led to robust revenue growth of 9.9%, record high gross margin of 49.4%, record high operating margin of 21.6% and diluted EPS growth of 22.3%.”

Cintas increased FY24 annual revenue expectations from $9.48 billion-$9.56 billion to $9.57 billion-$9.60 billion (estimate: $9.56 billion). The firm raised EPS outlook from $14.35-$14.65 to $14.80-$15.00 (estimate: $14.60).

Cintas shares rose 0.1% to trade at $686.63 on Thursday.

These analysts made changes to their price targets on Cintas following earnings announcement.

• Baird raised the price target on Cintas from $660 to $750. Baird analyst Andrew Wittmann maintained an Outperform rating.
• B of A Securities increased the price target on Cintas from $700 to $790. B of A Securities analyst Heather Balsky maintained a Buy rating.
• UBS boosted the price target on Cintas from $680 to $790. UBS analyst Joshua Chan maintained a Buy rating.
• Truist Securities raised the price target on Cintas from $660 to $775. Truist Securities analyst Jasper Bibb maintained a Buy rating.
• RBC Capital boosted the price target on Cintas from $675 to $725. RBC Capital analyst Ashish Sabadra maintained an Outperform rating.

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