Cintas Corporation (NASDAQ:CTAS) Q1 2024 Earnings Conference Call September 26, 2023 10:00 AM ET
Company Participants
Jared Mattingley - VP, Treasurer, IR & Corporate Controller
Todd Schneider - CEO, President & Director
Michael Hansen - CFO & EVP
Conference Call Participants
Faiza Alwy - Deutsche Bank
Manav Patnaik - Barclays Bank
Joshua Chan - UBS
Shlomo Rosenbaum - Stifel, Nicolaus & Company
Kartik Mehta - Northcoast Research Partners
Samuel Kusswurm - William Blair & Company
Stephanie Moore - Jefferies
Seth Weber - Wells Fargo Securities
George Tong - Goldman Sachs Group
Andrew Steinerman - JPMorgan Chase & Co.
Justin Hauke - Robert W. Baird & Co.
Toni Kaplan - Morgan Stanley
Scott Schneeberger - Oppenheimer
Heather Balsky – Bank of America Merrill Lynch
Operator
Good day, everyone, and welcome to the Cintas Corporation Announces Fiscal 2024 First Quarter Earnings Release Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Jared Mattingley, Vice President, Treasurer and Investor Relations. Please go ahead, sir.
Jared Mattingley
Thank you for joining us. With me is Todd Schneider, President and Chief Executive Officer; and Mike Hansen, Executive Vice President and Chief Financial Officer, who will discuss our fiscal 2024 first quarter results. After our commentary, we will open the call to questions from analysts.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This conference call contains forward-looking statements that reflect the company's current views as to future events and financial performance. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those we may discuss. I refer you to the discussion on these points contained in our most recent filings with the Securities and Exchange Commission. I'll now turn the call over to Todd.
Todd Schneider
Thank you, Jared. We are pleased with our start to fiscal year 2024. First quarter total revenue grew 8.1% to $2.34 billion. Each of our businesses continue to execute at a high level. The benefits of our strong volume growth and revenue flow through to our bottom line. Operating income margin increased 110 basis points to an all-time high of 21.4%, and diluted EPS grew 9.1% to $3.70.
I thank our employees, whom we call partners, for their continued focus on our customers, our shareholders and each other. Uniform Rental and Facility Services operating segment revenue for the first quarter of fiscal '24 was $1.83 billion compared to $1.7 billion last year. Their organic revenue growth rate was 7.6%.