Republic Services shares fall on lower first-quarter revenue despite lower earnings per share than

PHOENIX – Republic Services, Inc. (NYSE: ), a leader in environmental services, reported first-quarter earnings with a mixed financial performance. The company reported adjusted earnings per share (EPS) of $1.45, beating analysts' expectations by $0.10. However, revenue for the quarter fell short of expectations, coming in at $3.86 billion, slightly below the consensus estimate of $3.89 billion.

After the financial report was released, the company's stock price fell slightly by 0.94%, indicating that investors reacted coldly because revenue did not meet expectations. Nonetheless, Republic Services' financial performance remained strong compared with the same period last year, with total revenue growing 7.8%, including organic growth of 4.1% and acquisition growth of 3.7%.

Republic Services President and Chief Executive Officer Jon Vander Ark is confident in the company's strong start to the year and its positioning to meet its full-year targets. He attributed the double-digit growth in adjusted EBITDA and EPS and the expansion of EBITDA margins by more than 100 basis points to the company's pricing strategy and the solid execution of team members.

The company's net margin expanded 110 basis points and adjusted EBITDA margin increased 120 basis points. Additionally, Republic Services had operating cash flow of $812 million and adjusted free cash flow of $535 million.

Republic Services was also recognized for its sustainability efforts by being named to Barron's 2024 list of the 100 Most Sustainable Companies. The completion and commencement of operations of a renewable energy project this quarter further demonstrates the company's commitment to sustainable development.

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In the first quarter, the company's average price per ton of recycled goods sold at recycling centers was $153, up $48 per ton from the same period last year. This positive development reflects the company's ability to take advantage of market conditions to improve its financial performance.

Looking ahead, Republic Services remains focused on delivering profitable growth through strategic investments in customer passion, digitalization and sustainability and continues to generate positive results.

For more information about Republic Services' financial results and strategic initiatives, investors and interested parties can refer to the company's press release dated April 30, 2024.

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