Cintas Trades Down 6% After Q3 Earnings
Shares of uniform-maker Cintas (NASDAQ: CTAS) were down around six percent in the final hour of Wednesday's trading session.
The company released its fiscal third-quarter earnings results on Tuesday after the closing bell. The stock traded in a range between $42.11 and $44.58 on Wednesday.
The company reported earnings per share which were below Wall Street consensus, revenue which beat expectations and also lowered its full-year earnings guidance range.
For the third-quarter, the company reported net income of $74.7 million or $0.60 per share, compared to $76.0 million or $0.58 per share, in last year's corresponding quarter. This missed expectations of $0.61 per share by a penny.
Revenue for the quarter was up 6.3 percent to $1.08 billion from $1.01 billion last year. This came in slightly ahead of Wall Street revenue estimates of $1.06 billion.
Looking ahead to fiscal 2013, Cintas said that it now expects earnings per share between $2.50 to $2.54 on revenue of $4.3 billion to $4.325 billion.
Previously, the company had guided for EPS of $2.50 to $2.58 and revenue of $4.275 billion to $4.325 billion. Currently, analysts have consensus EPS estimates of $2.55 on revenue of $4.28 billion for the fiscal year.
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