Stericycle reports losses and gains in first quarter

Bannockburn, Illinois-based Stericycle, Inc. has released its results for the first quarter of 2024, which ended March 31. The report shows a decrease of 2.8 percent in revenue, with an improvement of $4.9 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as well as an improvement of 8 cents in adjusted earnings per share (EPS) compared with the first quarter of 2023.

Partially offsetting revenue losses was a growth in Regulated Waste and Compliance Services organic revenues of 2.1 percent compared with the first quarter of 2023. Additionally, the company completed its previously disclosed workforce reduction in the first quarter and is on track to realize an estimated $40 million to $45 million of in-year cost savings.

“We are pleased with our first quarter results, which reflect improvement in adjusted EBITDA and adjusted EPS, driven by disciplined execution across our key priorities,” Stericycle President and CEO Cindy J. Miller says. “We remain on track to achieve our full-year 2024 guidance and long-term outlook.”

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The company is reporting revenues of $664.9 million for the first quarter of 2024 compared with $684.3 million in the first quarter of 2023.

Income from operations was $38.9 million compared with $40 million in the first quarter of 2023. Net income was $13.1 million, or 14 cents diluted earnings per share, compared with $11.2 million, or 12 cents in the first quarter of 2023.

Adjusted income from operations was $90.5 million compared with $84.7 million in the first quarter of 2023. Adjusted diluted earnings per share were 57 cents compared with 49 cents in the first quarter of 2023, an improvement of 8 cents.

Cash flow from operations was an outflow of $54.5 million compared with an inflow of $49.5 million in the same period of 2023. Free cash flow was an outflow of $97.6 million in Q1 compared with an inflow of $13.1 million in the same period of 2023.