Cintas Corp - CTAS STOCK NEWS

Redaptive is collaborating with Cintas Corporation (Nasdaq: CTAS) on a multi-year initiative to reduce energy consumption and achieve net zero GHG emissions by 2050. The first phase involves replacing over 42,000 incandescent and fluorescent lights with LED lighting at more than 100 of Cintas' largest facilities in the U.S. and Canada, leading to annual CO₂ savings of over 7,050 metric tons. Phase 2 will pilot solar installations, starting with a site in Piscataway, New Jersey, expected to be operational by late spring 2023. This collaboration underscores Cintas' commitment to sustainability and energy efficiency.

Cintas Corporation has appointed Martin “Marty” Mucci to its Board of Directors, expanding the board to 10 members. Mucci, currently the Chairman at Paychex, previously served as CEO for 12 years, transforming it from a payroll service into a technology-driven service leader. His background in B2B services and digital innovation is expected to provide valuable insights to Cintas as it focuses on enhancing its customer digital experience. Mucci will serve on the Audit and Nominating and Corporate Governance Committees. The leadership change aligns with Cintas’ goal to strengthen its position in the business services industry.

Cintas Corporation (Nasdaq: CTAS) has announced a quarterly cash dividend of $1.15 per share of common stock, payable on June 15, 2023, to shareholders of record by May 15, 2023. This payout continues Cintas' solid history of returning capital to shareholders, having increased its dividend annually since its IPO in 1983.

The future dividend amounts will be determined by the Board of Directors, based on various factors including operating results, financial condition, and business prospects.

Cintas provides essential products and services for businesses, helping them maintain clean and safe environments.

Cintas Corporation (NASDAQ: CTAS) has announced the retirement of Michael L. Thompson, Executive Vice President and Chief Administration Officer, effective August 31, 2023. Thompson has served in various roles since joining the company in 1994, including Corporate Controller and CIO. Jim Rozakis, currently President and COO of the Rental Division, will be promoted to the role of EVP and COO starting June 1, 2023. Thompson's responsibilities will be redistributed, as Cintas will not fill the CAO position at this time. The transition marks a significant leadership change for Cintas, emphasizing customer experience and strategic growth within the company.

Cintas Corporation (NASDAQ: CTAS) invites the public to nominate candidates for the 2023 America’s Best Restroom contest until June 9. This contest recognizes businesses with outstanding restroom facilities, emphasizing cleanliness, visual appeal, innovation, functionality, and unique design. Ten finalists will be chosen, allowing the public to vote for the grand prize winner in July. The winner will receive a Cintas UltraClean restroom cleaning service and $2,500 in facility services. Last year's winner was Tampa International Airport's Airside C, noted for its high-design and functionality.

Cintas Corporation (Nasdaq: CTAS) announced its fiscal 2023 third quarter results, revealing a revenue of $2.19 billion, up 11.7% from the previous year. Organic revenue growth stood at 11.8%. Gross margin increased by 15.1% to $1.03 billion, with a margin percentage of 47.2%. Operating income reached $446.8 million, reflecting a slight decline in percentage to 20.4%. Net income rose to $325.8 million, and diluted EPS grew to $3.14, up 16.7%. Cintas raised its full-year revenue guidance to a range of $8.74 to $8.80 billion and EPS guidance to $12.70 to $12.90.

Cintas is advancing its water-reuse initiatives to lower total water consumption in response to heightened water stress across various regions. In FY'22, the company focused on improving metering and assessing water-treatment systems, with plans to continue these efforts into FY'23. Successes in the Rental division's Great Lakes area have shown water-reuse capabilities surpassing 30% in some locations. This strategic focus aims to enhance operational efficiency while upholding customer satisfaction.

Cintas emphasizes its commitment to responsible water stewardship in its operations, recognizing water's importance as a scarce resource. The company outlines strategies to minimize water consumption and enhance reuse technologies across its facilities, particularly in water-stressed areas. Notable efforts include a 21% decrease in water intensity since FY'19, alongside a 14% increase in revenue. By focusing on process efficiencies and collaborative innovations with partners, Cintas aims to continue reducing its water withdrawal, with 88.9% of extracted water returned to municipalities. The company actively addresses water management, particularly in regions severely affected by drought.