RTTNews | Sep 29, 2021 08:53AM EDT

08:52 Wednesday, September 29, 2021 (RTTNews.com) - While reporting first-quarter results on Wednesday, Cintas Corporation (CTAS) increased its fiscal 2022 financial guidance. The company reported an increase in profit for the quarter that also topped Wall Street estimates. The organic revenue growth rate was 8.6%, for the quarter.

For fiscal 2022, the company now expects earnings per share in a range of $10.60 to $10.90, revised from prior range of $10.35 to $10.75. The company increased annual revenue expectations to a range of $7.58 billion to $7.67 billion, from prior guidance range of $7.53 billion to $7.63 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $10.71 on revenue of $7.62 billion. Analysts' estimates typically exclude special items.

First quarter net income was $331.2 million, an increase of 10.4% from last year. Earnings per share was $3.11, an increase of 11.9%. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $2.75, for the quarter.

Revenue was $1.90 billion compared to $1.75 billion, a year ago, an increase of 8.6%. Analysts expected revenue of $1.87 billion, for the quarter.

Shares of Cintas were up 2.3% in pre-market trade on Wednesday.

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