Cintas Corporation (CTAS) announced that the Company’s Board of Directors approved a quarterly cash dividend of $1.15 per share of common stock payable on September 15, 2022 to shareholders of record at the close of business on August 15, 2022. This represents a 21.1% increase. Cintas has a strong record of returning capital to its shareholders and has consistently raised its dividend each year since Cintas’ initial public offering 39 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.
Scott D. Farmer, Executive Chairman of the Cintas Board of Directors, stated, “We achieved record revenue and earnings per share in our fiscal 2022. Because of our excellent financial results and strong financial position, we are increasing our quarterly dividend. The dividend, accompanied by our share buyback program, continues to demonstrate our commitment to increasing shareholder value.”
Cintas Corporation is a supplier of corporate identity uniform programs, entrance and logo mats, restroom supplies, promotional products, first aid, safety, fire protection products and services, and industrial carpet and tile cleaning. The company’s products and services include uniforms, floor care, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety compliance training. Cintas has paid a dividend every year since the company went public in 1983. The company started paying a quarterly dividend in 2020.