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Cintas net income rises owing to one-time tax benefit

Cintas Corp. posted a 156% increase in net income during the third quarter of fiscal year 2018 owing to a one-time benefit under the new U.S. tax law.

The company reported third-quarter net income of $302.1 million, up from $118.0 million in the year-ago quarter. Earnings per share increased to $2.71 from $1.07 in the prior-year quarter.

Total revenue for the third quarter increased 26.6% on a year-over-year basis to $1.59 billion, up from $1.26 billion in the third quarter of 2017. Operating income came in at $200.0 million, an increase of 4.2% from last year's $192.0 million.

Net income for the first three quarters of 2018 rose by 65.6% to $656.4 million, from $396.5 million in the previous-year period. Earnings per share were $5.90, an increase from $3.62 per share last year. Revenue increased 26.7% to $4.81 billion from $3.79 billion in the year-ago period.

The company expects fourth-quarter EPS to be in the range of $1.64 to $1.69. The guidance does not take into account integration expenses related to the company's G&K Services acquisition. The company expects those expenses to fall by between $10 million and $15 million.

Revenue for the fourth quarter is expected to be between $1.63 billion to $1.65 billion. The tax rate will likely be 24% during the last quarter of the fiscal year.