Republic Services sees revenue grow eight percent through first quarter of 2024

Republic Services has reported a net income of $453.8 million, or $1.44 per diluted share, for the three months ended March 31, 2024, versus $383.9 million, or $1.21 per diluted share, for the comparable 2023 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended March 31, 2024, was $458.1 million, or $1.45 per diluted share, versus $393.7 million, or $1.24 per diluted share, for the comparable 2023 period.

"We are off to a strong start to the year and well-positioned to achieve our full-year goals," said Jon Vander Ark, president and chief executive officer of Republic Services. "Continued pricing in excess of cost inflation generated double-digit growth in EBITDA and EPS, and expanded EBITDA margin by more than 100 basis points."

First-quarter 2024 highlights:

• Total revenue growth of 7.8 percent includes 4.1 percent organic growth and 3.7 percent growth from acquisitions.
• Core price on total revenue increased revenue by 7.0 percent. Core price on related business revenue increased revenue by 8.5 percent, which consisted of 10.2 percent in the open market and 5.7 percent in the restricted portion of the business.
• Revenue growth from the average yield on total revenue was 6.0 percent, and volume decreased revenue by 0.9 percent. Revenue growth from average yield on related business revenue was 7.3 percent, and volume decreased related business revenue by 1.1 percent.
• Net income was $453.8 million, or a margin of 11.8 percent.
• EPS was $1.44 per share, an increase of 19.0 percent over the prior year.
• Adjusted EPS, a non-GAAP measure, was $1.45 per share, an increase of 16.9 percent over the prior year.
• Adjusted EBITDA, a non-GAAP measure, was $1,164.5 million, and adjusted EBITDA margin, a non-GAAP measure, was 30.2 percent of revenue, an increase of 120 basis points over the prior year.
• Cash invested in acquisitions was $41.0 million.
• Cash returned to shareholders through dividends was $168.3 million.
• The company's average recycled commodity price per ton sold at our recycling centers during the first quarter was $153. This represents an increase of $48 per ton over the prior year.
• The company completed and commenced operations on one renewable natural gas project.
• Republic Services was recognized by several leading organizations during the quarter, including:
  • Barron's 2024 100 Most Sustainable Companies List
  • Ethisphere's 2024 World's Most Ethical Companies List
  • Fortune's 2024 Most Innovative Companies List