Report
Matthew Young, CFA
EUR 101.80 For Business Accounts Only

Strong sales execution remains a tailwind in Cintas' uniform rental operations.

In its fiscal third-quarter 2018 (ended February), wide-moat uniform-rental specialist Cintas’ consolidated top line increased 7.8% organically, in line with the year-over-year growth posted in the fiscal second quarter. Revenue didn’t deviate materially from our expectations. Excluding G&K integration costs and a one-time $40 million cash bonus paid to employees (related to U.S. tax reform), the firm’s total adjusted operating margin was also largely in line with our forecast. Overall, we e...
Underlying
Cintas Corporation

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Matthew Young, CFA

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