Summary
Republic Services, Inc. reported solid financial results for the first quarter of 2021, demonstrating resilience and growth in a dynamic economic environment. Revenue increased by 1.7% to $2.596 billion compared to the prior year's first quarter, driven by a 2.3% increase in average yield and contributions from acquisitions. Net income attributable to the company rose significantly to $295.9 million, or $0.93 per diluted share, from $246.3 million, or $0.77 per diluted share, in the first quarter of 2020. The company managed its costs effectively, with operating income increasing by 13.7% year-over-year to $492.4 million. This improved profitability reflects disciplined cost management, even as the company continued to invest in its operations and address ongoing market dynamics, including the residual impacts of the COVID-19 pandemic. Republic Services ended the quarter with a strong balance sheet and ample liquidity, positioning it well for continued operational execution, strategic acquisitions, and returning value to shareholders through dividends and share repurchases. The company also provided updated full-year 2021 guidance for adjusted diluted earnings per share, indicating confidence in its ongoing performance and strategic direction.
Financial Highlights
53 data points| Revenue | $2.60B |
| Cost of Revenue | $1.53B |
| Gross Profit | $1.06B |
| SG&A Expenses | $265.40M |
| Operating Income | $492.40M |
| Interest Expense | $78.40M |
| Net Income | $295.90M |
| EPS (Basic) | $0.93 |
| EPS (Diluted) | $0.93 |
| Shares Outstanding (Basic) | 319.44M |
| Shares Outstanding (Diluted) | 319.83M |
Key Highlights
- 1Revenue increased by 1.7% to $2.596 billion for the three months ended March 31, 2021, compared to $2.554 billion for the same period in 2020.
- 2Net income attributable to Republic Services, Inc. increased by 20.1% to $295.9 million ($0.93 per diluted share) for the first quarter of 2021, up from $246.3 million ($0.77 per diluted share) in the prior year.
- 3Operating income grew by 13.7% to $492.4 million, indicating strong operational performance and effective cost management.
- 4The company reported updated full-year 2021 guidance for adjusted diluted earnings per share to be between $3.74 and $3.79.
- 5Acquisitions, net of divestitures, contributed 1.0% to revenue growth.
- 6The company ended the quarter with a robust cash position and ample availability under its credit facilities.
- 7Cash provided by operating activities increased by 11.0% to $661.0 million for the first three months of 2021 compared to the prior year.