Republic Services beats quarterly profit estimates helped by higher pricing

Republic Services

29/10/2024 21:33

Oct 29 (Reuters) - Garbage management firm Republic
Services  RSG.N  beat quarterly profit estimates on Tuesday,
helped by higher prices and steady demand for garbage collection
and disposal.
    The Phoenix, Arizona-based company reported a quarterly
adjusted profit of $1.81, comfortably beating analysts'
expectation of $1.61 per share, according to data compiled by
LSEG. 
    "By pricing ahead of cost inflation and effective cost
management, we delivered double-digit growth in adjusted EBITDA
and EPS," said CEO Jon Vander Ark.
    Republic Services and WM  WM.N  are the two leading
companies in the U.S. waste services industry and, along with
municipal waste departments, they dominate garbage collection
from residences in the country. 
    Rival WM raised its annual revenue forecast on Monday
following upbeat third-quarter results, betting on higher market
prices for its recyclable commodities and increased landfill
volumes. 
    Republic's revenue came in at $4.08 billion, up 6.5% from
last year. Analysts on average expected $4.12 billion. 

 (Reporting by Aishwarya Jain in Bengaluru; Editing by Shailesh
Kuber)
 ((aishwarya.jain@thomsonreuters.com))