Categories Earnings, Other Industries

Cintas (CTAS) hikes dividend, changes payout policy

Cintas Corporation (NASDAQ: CTAS), a leading provider of corporate uniforms, has raised its annual dividend by 10% and changed its payout policy to a quarterly basis.

The company has stayed largely resilient to the COVID crisis so far. Recently, it reported an increase in second-quarter earnings, which also exceeded estimates, bringing cheer to shareholders.

Earnings per share increased to $2.62 from $2.27 in the second quarter of last year. Net income was $284.9 million, up 15.7% from the year-ago quarter. Revenues, meanwhile, decreased 4.7% to $1.76 billion and missed the estimates.

The company declared an annual dividend of $2.81 per share, which represents a 10.2 % rise from last year. It also changed the payout policy to a quarterly-basis from an annual payout. Analysts have upgraded their consensus estimate on the company’s earnings regularly, suggesting an improvement in sentiment around its earnings potential next year.

Read management/analysis’ comments on quarterly results

Shares of Cintas have gained about 30% in the past six months. They closed the last trading session down 2%.

Most Popular

Micron Earnings Preview: Recovery likely to continue as demand bounces back

Micron Technology Inc. (NASDAQ: MU), a market leader in memory and flash storage chips, emerged from a losing streak in the most recent quarter and reported a profit. The recovery

After mixed Q4, Darden Restaurants stays focused on profitable sales growth

Darden Restaurants, Inc. (NYSE: DRI), which owns popular restaurant brands Olive Garden and LongHorn Steakhouse, has reported stronger-than-expected fourth-quarter results, sending the stock higher soon after the announcement. Contributions from

What to expect when McCormick & Company (MKC) reports Q2 2024 earnings results

Shares of McCormick & Company, Incorporated (NYSE: MKC) stayed green on Friday. The stock has dropped 4% over the past one month. The spices and condiments maker is scheduled to report

Add Comment
Viewing Highlight