Republic Services sees strong 2024 profit on higher pricing

Republic Services

24/07/2024 21:47

July 24 (Reuters) - Garbage management firm Republic
Services  RSG.N  forecast full-year profit above Wall Street
estimates on Wednesday, banking on high prices amid sustained
demand for waste collection and disposal.
    The Arizona-based company said it expects adjusted earnings
to be in the range of $6.15 to $6.20 per share, compared to
analysts' average profit estimates of $6.06 apiece. 
    It expects 2024 revenue to be in the range of $16.08 billion
to $16.13 billion, slightly lower than a previous forecast of
$16.10 billion to $16.20 billion.
    Republic Services and Waste Management  WM.N  are the two
leading companies in the U.S. waste services industry and, along
with municipal waste departments, they dominate the residential
garbage collection across the country.
    "Pricing in excess of cost inflation ... underpinned strong
results across the business," said CEO Jon Vander Ark. 
    Republic Services reported quarterly profit of $1.61 per
share, with a revenue of $4.05 billion, beating analysts'
expectation of $1.53 per share on a $4.04 billion revenue,
according to LSEG data.

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