REPUBLIC SERVICES, INC. Quarterly Report for Q2 Ended Jun 30, 2024

Summary

Republic Services, Inc. (RSG) reported a strong second quarter for 2024, demonstrating robust revenue growth and improved profitability. For the three months ended June 30, 2024, revenue increased by 8.6% to $4.05 billion, while net income attributable to the company surged by 19.7% to $511.5 million, translating to diluted EPS of $1.62, a significant increase from $1.35 in the prior year. This growth was driven by a combination of price increases (average yield) across its service lines and contributions from acquisitions. The company continues to execute its growth strategy, with acquisitions contributing 3.0% to revenue growth in the quarter. Cost management remains a focus, with cost of operations as a percentage of revenue improving slightly year-over-year. The company also provided an updated full-year 2024 adjusted diluted EPS guidance of $6.15 to $6.20, indicating confidence in its continued performance. RSG's strong operational execution and strategic focus on growth and efficiency position it well for future performance.

Key Highlights

• 1Revenue for the three months ended June 30, 2024, increased by 8.6% to $4.05 billion, compared to $3.73 billion in the prior year period.
• 2Net income attributable to Republic Services, Inc. rose to $511.5 million for the quarter, an increase of 19.7% year-over-year.
• 3Diluted earnings per share (EPS) increased to $1.62 from $1.35 in the second quarter of 2023.
• 4Acquisitions contributed 3.0% to revenue growth in the quarter, reflecting the company's ongoing expansion strategy.
• 5The company updated its full-year 2024 adjusted diluted earnings per share guidance to $6.15 - $6.20.
• 6Operating income increased to $813.8 million from $707.2 million in the same period last year.
• 7Total assets grew to $31.93 billion as of June 30, 2024, from $31.41 billion at the end of 2023.

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