Shares of uniform apparel provider Cintas (CTAS) - Get Report rose on Wednesday after the company reported better-than-expected fiscal first-quarter results and also boosted its revenue and adjusted earnings guidance.
For fiscal 2020, the company said it expects earnings from continuing operations to be between $8.47 a share and $8.57 a share, up from previous guidance of between $8.30 a share and $8.45. Analysts polled by FactSet had been expecting full-year per-share earnings of $8.47.
On the sales side, the company said it now expects revenue of between $7.28 billion and $7.32 billion, up from previous guidance of between $7.24 billion and $7.31 billion. The average expectation of analysts polled by FactSet had been sales of $7.3 billion.
The Cintas guidance followed fiscal first-quarter net income of $250.8 million, or $2.32 a share, for the period ended Aug. 31, vs. $212.5 million, or $1.89 a share, in the comparable year-ago quarter. Analysts had been expecting earnings of $2.15 a share.
Cintas both makes and rents out uniform clothing for a variety of sectors, including hotels, food and entertainment and first aid and safety services firms.
Shares of Cintas were up 4.7% at $264 in early trading on Wednesday.