Nice 4Q Beat; Company Guidance Looks Conservative
4Q18 (May) adjusted EPS of $1.77 (vs $1.25 last year) was up 41% YoY and 11 cents above our estimate on better-than-anticipated sales and margin performance.
FY18 full-year adjusted EPS increased 23% to $5.93 (from a record $4.82 in FY17).
Our FY19 estimate is now $7.26 (from $7.10), up 22% from FY18, helped by a low tax rate (modeled at 22% vs 29% in FY18) and assuming synergy realization from G&K remains on track.
For FY20, we are introducing an EPS estimate of $8.10, up 12% from our FY18 projection.
Cintas is a provider of corporate identity uniforms through rental and sales programs, as well as a provider of related business services, including entrance mats, restroom cleaning services and supplies, carpet and tile cleaning services, first aid and safety services and fire protection products and services. The company's segments are Uniform Rental and Facility Services, which consists of the rental and servicing of uniforms and other garments, including flame resistant clothing, mats, mops and shop towels and other ancillary items; and The First Aid and Safety Services, which consists of first aid and safety products and services.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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