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