The provider of corporate uniforms and services tumbled $12.91 -- 6.0% -- $195.54 a share in mid-day trading Friday. The company posted EPS of $1.85, below analysts' predictions of $1.98. The number was also a steep drop from last year's EPS of $2.71 during the same period. Revenue of $1.68 billion were short of analyst expectations of $1.78 billion, although they did improve from the same quarter a year ago, which saw $1.58 billion in revenue.
The company's net income of $203 million came in at about 33% lower than last year's figure of $302 million.
"Customer closures caused by the severe weather and the holiday calendar during the quarter created challenges within our route schedules," CEO Scott Farmer said in a press release. "Despite these challenges, we still delivered solid organic growth for the quarter."
The number of closures was greater than they were a year ago, which negatively affected the company's uniform rental and facilities services business segment, Cintas CFO Mike Hansen said. The company, based out of Cincinnati, Ohio, provides services and products for businesses, most notably uniforms and corporate apparel.
Company executives updated Cintas' guidance for the new fiscal year, calling for revenue in the range of $6.87 billion to $6.885 billion while total EPS to be between $7.42-$7.48.
Cintas stock has risen 16% since the beginning of the year, outperforming the S&P 500's gain of 12.2% over the same time period. Before Friday's decline, Cintas shares were up 23% since January.
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