Republic Services beats quarterly profit estimates helped by higher pricing
Oct 29 (Reuters) -Garbage management firm Republic Services RSG.N beat quarterly profit estimates on Tuesday, helped by higher prices and steady demand for garbage collection and disposal.
The Phoenix, Arizona-based company reported a quarterly adjusted profit of $1.81, comfortably beating analysts' expectation of $1.61 per share, according to data compiled by LSEG.
"By pricing ahead of cost inflation and effective cost management, we delivered double-digit growth in adjusted EBITDA and EPS," said CEO Jon Vander Ark.
Republic Services and WM WM.N are the two leading companies in the U.S. waste services industry and, along with municipal waste departments, they dominate garbage collection from residences in the country.
Rival WM raised its annual revenue forecast on Monday following upbeat third-quarter results, betting on higher market prices for its recyclable commodities and increased landfill volumes.
Republic's revenue came in at $4.08 billion, up 6.5% from last year. Analysts on average expected $4.12 billion.
Reporting by Aishwarya Jain in Bengaluru; Editing by Shailesh Kuber
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