Republic Services reported net income of $352.0 million, or $1.11 per diluted share, for the three months ended March 31, 2022, compared to $295.9 million, or $0.93 per diluted share, for the comparable period of 2021. Excluding certain benefits and expenses, on an adjusted basis, net income for the three months ended March 31, 2022 was $360.7 million, or $1.14 per diluted share, compared to $297 $.2 million, or $0.93 per diluted share, for the comparable period of 2021.
“Our strong start to the year was made possible by the execution of our strategy designed to generate profitable growth,” said Jon Vander Ark, President and CEO. “We achieved double-digit revenue, EBITDA and free cash flow growth while making investments to grow our environmental solutions business and further strengthen our differentiated capabilities. Our results demonstrate the positive impact that our strategic investments are having on the business, not just for today. , but for years to come.”
Republic Services Q1 2022 Highlights
- First quarter EPS was $1.11 per share and Adjusted EPS, a non-GAAP measure, was $1.14 per share.
- Cash flow from operating activities was $705.6 million, an increase of 6.7% over the prior year. Adjusted free cash flow, a non-GAAP measure, was $530.9 million, an increase of 14.4% over the prior year.
- Republic’s first-quarter net income was $352.0 million, or 11.9% of revenue.
- First quarter adjusted EBITDA, a non-GAAP measure, was $903.5 million and adjusted EBITDA margin was 30.4% of revenue.
- Republic invested $65.6 million in acquisitions.
- The company completed the acquisition of US Ecology on May 2, 2022.
- Total cash returned to shareholders was $349.4 million, including $203.5 million in share buybacks and $145.9 million in dividends paid.
- Revenue growth relative to average return was 4.2% and volume increased by 3.6%.
- The core price increased revenue by 6.0%. The base price was 7.6% on the open market and 3.5% on the restricted part of the business.
- The company’s average recycled raw material price per ton sold during the first quarter was $201. This represents a decrease from the fourth quarter of 2021 of $17 per tonne and an increase of $68 per tonne from the prior year.
- The company was named to Barron’s 100 Most Sustainable Companies list.
Republic Services’ Board of Directors has declared a regular quarterly dividend of $0.46 per share for shareholders of record as of July 1, 2022. The dividend will be paid on July 15, 2022.