Waste management firm Republic Services beats profit estimates on price hikes

Republic Services

30/04/2024 22:46

April 30 (Reuters) - Republic Services  RSG.N  reported
first-quarter profit above Wall Street estimates on Tuesday, as
it benefited from price hikes amid sustained demand for waste
collection and disposal.
    The waste management firm reported a profit of $1.44 per, 9
cents above analysts estimates, according to LSEG data, due to
"continued pricing in excess of cost inflation.
    First-quarter revenue of $3.86 billion was 7.8% higher than
last year, with the company having raised prices by 7% on its
services, even as volumes decreased by nearly 1% year-on-year. 
    Republic Services and WM  WM.N  are the two leading
companies in the U.S. waste services industry. Along with
municipal waste departments, they dominate garbage collection
from residences in the country.
    Shares of the company were up about 1% in trading after the
bell. 
    
    

 (Reporting by Pratyush Thakur and Ananta Agarwal in Bengaluru;
Editing by Mohammed Safi Shamsi)
 ((pratyush.thakur@thomsonreuters.com;))