Cintas 1st-quarter Profit Slips 31 Percent

CINCINNATI (AP) — Corporate uniform supplier Cintas Corp. said Wednesday its fiscal first quarter profit slipped 31 percent on lower revenue, but beating Wall Street's prediction.

For the three months ended Aug. 31, Cintas said it earned $54 million, or 35 cents per share, compared with $78.6 million, or 51 cents per share, in the prior-year period.

Excluding charges, Cintas said it earned 43 cents per share.

Its revenue fell 11 percent to $891.6 million from $1 billion a year earlier.

According to Thomson Reuters, analysts expected a profit of 39 cents per share on revenue of $879.6 million.

"Over the last twelve months, the U.S. economy has shed employment at levels not experienced since the Great Depression," said Scott Farmer, CEO, in a statement. "These job losses make year over year comparisons difficult as our customers continued to shed jobs throughout the year."

In after-hours trading, shares of Cintas added 35 cents to $28.70. The company's stock fell $1.43, or 4.8 percent, to close at $28.35 in the regular session.