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Stericycle (SRCL) investor relations material
Stericycle Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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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