Cintas (NASDAQ:CTAS) posted its quarterly earnings results late in the day Thursday, bringing in adjusted earnings that missed what Wall Street called for, but disappointing revenue sent the company’s shares sliding after hours.
The Cincinnati, Ohio-based business services provider brought in third-quarter earnings of $1.84 per share as it heads into the last three-month period of its fiscal 2019. The figure marked a 34% increase when compared to the same period in 2018, while also topping the $1.71 per share that the Wall Street consensus estimate called for.
Cintas added that its revenue for the period was up to $1.68 billion, a 5.9% gain when compared to its third quarter of the previous fiscal year. Analysts predicted that the organization’s sales would come in at $1.69 billion, which would have marked a surge of 6.5% year-over-year.
“Customer closures caused by the severe weather and the holiday calendar during the quarter created challenges within our route schedules,” Cintas CEO Scott Farmer said in a statement. “Despite these challenges, we still delivered solid organic growth for the quarter.”
For its full fiscal 2019, the business predicts revenue in the range of $6.87 billion and $6.89 billion, which is below its $6.87 billion to $6.91 billion guidance from December. Wall Street predicts revenue of $6.894 billion for the period.
CTAS stock is down about 2.9% after the bell Thursday on the sales miss. Shares had been gaining 1.4% during regular trading hours as the company geared up to report for its period.