According to the story, earnings for the third quarter will be as much as eight cents lower than the expected profits of 37 cents per share, while fourth-quarter profits will come in at 30 to 34 cents per share compared to the 41 cents per share analysts predicted.
Cintas blamed the low earnings on a slow employment recovery, and added that the rash of winter storms in the Mid-Atlantic may also affect its third-quarter profits, the story stated.
Cintas Chief Executive Officer Scott Farmer warned shareholders as early as December of 2009 that profits may not match up to market forecasts, saying that analysts’ expectations for 2010 were "too optimistic," the story noted.
Cintas shares fell 54 cents yesterday morning, the story added.
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