Republic Services forecasts full-year revenue above estimates on high prices

Republic Services

27/02/2024 23:09

Feb 27 (Reuters) - Waste management company Republic
Services  RSG.N  forecast full-year revenue above market
estimates on Tuesday, banking on high prices amid sustained
demand for garbage collection and disposal.
    Shares of the company were up about 3% in aftermarket
trading. 
    The company expects its full-year 2024 revenue to be between
$16.10 billion and $16.20 billion, above analysts' estimate of
$15.85 billion, according to LSEG data. 
    "Our strong financial guidance is supported by pricing in
excess of cost inflation," CEO of Republic Services Jon Vander
MArk said.
    It expects 2024 profit per share to be between $5.94 and
$6.00, analysts' expected profit of $5.98 per share. 
    Republic Services and WM  WM.N  are the two biggest
companies in the U.S. waste services industry and, along with
municipal waste departments, they dominate garbage collection
from homes and apartments in large parts of the country.
    Earlier this month, peer WM beat quarterly profit estimates,
as waste management companies were able to sustain high prices
due to the essential nature of its services.
    The Arizona-based company posted an adjusted profit of $1.41
per share in the final quarter of 2023, above expectations of
$1.29 per share. 



 (Reporting by Pratyush Thakur and Kannaki Deka in Bengaluru;
Editing by Alan Barona)
 ((pratyush.thakur@thomsonreuters.com))