Cintas Corporation (Nasdaq: CTAS) announced that the Company’s Board of Directors approved a quarterly cash dividend of $1.56 per share of common stock payable on September 3, 2024, to shareholders of record at the close of business on August 15, 2024. This represents a 15.6% increase over the prior quarter. Cintas has a strong record of returning capital to its shareholders and has consistently raised its dividend each year since Cintas’ initial public offering 41 years ago in 1983.
Cintas also announced that the Board of Directors approved an additional share buyback program under which the Company may buy up to $1.0 billion of Cintas common stock at market prices. This program is in addition to a current program with $0.5 billion of Cintas common stock remaining. Thus, in total, the Company may buy up to $1.5 billion of Cintas common stock at market prices. The number of shares to be purchased and the timing will be determined at the discretion of the Board of Directors, and purchases may be discontinued at any time.
Any future dividend declarations, including the amount of any dividends, are at the discretion of the Board of Directors and dependent upon then-existing conditions, including the Company’s operating results and financial condition, capital requirements, contractual restrictions, business prospects and other factors that the Board of Directors may deem relevant.
Todd M. Schneider, Cintas’ President, and Chief Executive Officer, stated, “Our fiscal 2024 results marked another successful year for Cintas. We grew sales and profit again, which is now 53 out of the last 55 years. Due to our strong financial results and financial position, we are increasing our quarterly dividend. The dividend, accompanied by our share buyback program, continues to demonstrate our commitment of returning capital to our shareholders.”
Cintas
Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.
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