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Sep 30, 2020
Republic Services Q3 2020 Earnings Report
Republic Services reported an increase in adjusted EBITDA margin and double-digit growth in adjusted earnings and adjusted free cash flow.
Key Takeaways
Republic Services reported net income of $260.0 million, or $0.81 per diluted share, for the three months ended September 30, 2020. On an adjusted basis, net income was $319.3 million, or $1.00 per diluted share. The company expanded adjusted EBITDA margin by 230 basis points and raised its full-year adjusted free cash flow guidance while reinstating full-year adjusted EPS guidance. The board authorized $2 billion for share repurchases.
Third quarter EPS was $0.81 per share; adjusted EPS was $1.00 per share, an increase of approximately 11 percent over the prior year.
Third quarter core price increased revenue by 4.5 percent, which consisted of 5.4 percent in the open market and 3.2 percent in the restricted portion of the business.
Third quarter adjusted EBITDA was $781 million, an increase of $41 million versus the prior year.
Third quarter adjusted EBITDA margin was 30.3 percent of revenue, increasing 230 basis points over the prior year, including a 70 basis point benefit from higher recycled commodity prices and lower fuel costs.
Revenue by Segment
Forward Guidance
Republic reinstated its full-year 2020 adjusted EPS guidance, expecting to generate $3.37 - $3.40. The Company now expects to generate $1.15 billion to $1.20 billion of adjusted free cash flow for the full year, assuming continued gradual improvement in economic activity through the remainder of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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