Cintas Gives Weak 4Q Outlook, Expects Charge

Stock quotes in this article: CTAS  

CINCINNATI (AP) — Corporate uniform supplier Cintas Corp. on Friday forecast fiscal fourth-quarter results below Wall Street estimates, and said it will take a $50 million charge in the period as it restructures to lower its future expenses.

Cintas said it expects a profit of a penny to 4 cents per share for the quarter ending May 31. Excluding the restructuring charge, the company expects income of 34 cents to 37 cents per share. The company projects $870 million to $885 million in revenue.

On average, analysts polled by Thomson Reuters expect income of 47 cents per share on $923.2 million in revenue.

"The U.S. economy continues to lose employment at a rapid rate, directly impacting our customers and prospects," said Cintas Chief Executive Scott Farmer in a statement. He said it is not clear when the economy will recover, and the company chose to reduce its costs in response to the job losses of recent months.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,471.50 1,106.41 2,190.31 35.40
Oil *
71.66
UP
65.67
UP
4.06
DOWN
0.55
UP
0.58
10 Yr
3.54%
SPDR Gold
109.32
+0.63%
+0.37%
-0.03%
+1.67%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services