Republic Services lifts annual profit forecast on pricing gains

Republic Services

26/10/2023 22:58

Oct 26 (Reuters) - 
    Waste management firm Republic Services  RSG.N  lifted its
full-year profit forecast on Thursday, after price hikes boosted
its third-quarter results.
    "Our revenue growth was broad-based, including healthy
pricing, positive organic volume growth and above-average
contribution from acquisitions, which resulted in adjusted
EBITDA growth of 9% and 70 basis points of margin expansion,"
said CEO Jon Vander Ark. 
    Peer Waste Management   WM.N  beat its quarterly profit
estimates on Tuesday, also benefiting from higher prices amid
resilient demand for garbage disposal and collection.
        Waste Management and Republic Services are the two
biggest companies in the waste services industry, and along with
municipal waste departments, they dominate garbage collection
from homes and apartments in large parts of the United States. 
  
    Republic Services now expects full-year 2023 adjusted profit
between $5.46 and $5.49 per share, up from its prior outlook of
$5.33 to $5.38.
    Its quarterly revenue also rose to $3.83 billion from $3.60
billion last year.    
    The Arizona-based company posted adjusted profit of $1.54
per share in the third-quarter, compared with $1.34 per share
reported last year. It also authorized share buyback of $3
billion. 

 (Reporting by Amna Karimi in Bengaluru; Editing by Devika
Syamnath)
 ((Amna.Karimi@thomsonreuters.com; +91 8083261226;))