Stericycle
Logotype for Stericycle Inc

Stericycle (SRCL) investor relations material

Stericycle has been acquired by Waste Management Inc

Stericycle Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Stericycle Inc
Q3 2024 earnings summary1 Nov, 2024

Executive summary

  • Merger with Waste Management, Inc. progressing, with all regulatory and shareholder approvals obtained; closing expected soon, subject to customary conditions.

  • Revenue for Q3 2024 was $648.4 million, down 0.8% year-over-year, primarily due to divestitures and lower organic revenues.

  • Net loss attributable to shareholders was $13.8 million for Q3 2024, compared to net income of $2.0 million in Q3 2023.

  • Announced divestiture of Spain and Portugal operations for $86.4 million, expected to close in Q4 2024.

  • Operational optimization and portfolio rationalization initiatives continue, with workforce reductions and cost-saving measures implemented.

Financial highlights

  • Q3 2024 revenue decreased by $5.1 million (0.8%) year-over-year; nine-month revenue down 1.6% to $1,974.9 million.

  • Gross profit for Q3 2024 was $244.1 million (37.6% margin), nearly flat year-over-year.

  • SG&A expenses increased to $224.6 million (34.6% of revenue) in Q3 2024, up from $217.3 million (33.3%) in Q3 2023.

  • Net loss per share was $(0.15) for Q3 2024, compared to $0.02 in Q3 2023.

  • Adjusted income from operations for Q3 2024 was $71.4 million, up slightly from $70.3 million in Q3 2023.

Outlook and guidance

  • Merger with Waste Management expected to close promptly, with all major regulatory and shareholder approvals secured.

  • Focus remains on margin expansion, operational excellence, digital implementation, and strategic capital allocation.

  • Continued investment in core businesses and targeted lower debt leverage ratio.

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Frequently asked questions

Stericycle, Inc., provides regulated and compliance solutions in the United States, Europe, and internationally. The company operates through two segments, Environmental Solutions and Stericycle Expertus (previously Stericycle Expertus Laboratory Services). Its Environmental Solutions segment offers regulated and non-regulated waste services to industrial facilities; provides regulated healthcare waste management services to hospitals and other healthcare providers; manages e-waste, such as medical devices, lamps, and batteries; provides leak detection services for hydraulic fracturing fluids; collects and/or manages state universal waste pharmaceutical recyclables; operates the nation's largest single-stream recycling program; and publishes the Yellow Pages of regulated medical waste collection services. Stericycle, Inc is based in Bannockburn, Illinois.