Shares of Cintas CTAS have been volatile after the company announced results for the fourth quarter. Traders look to have initially sold the stock on a bottom-line beat before it gapped higher on strong earnings.
Revenue for the quarter missed the analyst consensus by 0.85 percent at $1.16 billion versus $1.17 billion. This is a 2.7 percent increase compared to the same period last year. However, excluding lost revenue from the Shred-it transaction, sales grew 4.7 percent.
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Earnings for the quarter were $0.76 per share versus the $0.75 estimate. This figure compares to $0.69 for the same period last year.
CEO Scott Farmer commented on the results, “After very challenging weather in our third quarter, we are pleased to see our revenue growth rate rebound in the fourth quarter. Our Rental operating segment organic growth rate, in particular, improved from a third quarter rate of 5.4% to 6.7% in the fourth quarter.”
Shares of Cintas were last up 1.59 percent to $63.85 in the after-hours session.
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