Republic Services, Inc.’s positive report for the third quarter reflects an average raw material recycled price per tonne sold in the third quarter of $ 230, which represents a sequential increase of $ 60 per tonne from the second quarter and an increase $ 131 per tonne from the previous year. Also of note in this October financial report is a total year-to-date acquisitions of $ 922 million and net income of $ 350.3 million for the quarter ended September 30, 2021. This compares to to $ 260 million for the same period in 2020. On an adjusted basis, net income for the quarter ended September 30, 2021 was $ 353.7 million compared to $ 319.3 million for the comparable period 2020 . Republic Services has also been certified Great place to work for the fifth consecutive year.
“We continue to generate disproportionate revenue growth both organically and through acquisitions,” said Jon Vander Ark, President and CEO. “This year already represents the highest level of investment in acquisitions for over a decade. Our acquisition pipeline remains strong, with many opportunities in the recycling and solid waste sector and in our environmental solutions business.
“During the quarter, we continued to execute on our strategic priorities and delivered results that exceeded our expectations,” added Vander Ark. “As a result, we are increasing our financial forecast for the full year.”
Financial highlights of the Republic in the third quarter of 2021:
– Year-to-date investment in acquisitions has stood at $ 922 million, or $ 876 million net of disposals.
– Third quarter EPS was $ 1.10 per share, and Adjusted EPS, a non-GAAP measure, was $ 1.11 per share, an increase of 11% over the previous year.
– Year-to-date cash provided by operating activities amounted to $ 2.1 billion, an increase of 12% over the previous year.
– Adjusted free cash flow, a non-GAAP measure, was $ 1.4 billion, an increase of 22% over the previous year.
– Since the start of the year, cash returned to shareholders in the form of dividends and share buybacks amounted to $ 622 million.
– The third-quarter base price increased sales by 5.2 percent. The base price consisted of 6.5 percent in the open market and 2.9 percent in the restricted part of the enterprise.
– Third quarter revenue growth over average yield was 3.2 percent and volume increased 4.3 percent.
– Third quarter Adjusted EBITDA margin, a non-GAAP measure, was 30.4% of sales, an increase of 10 basis points over the previous year.