Republic Services has reported a net income of $352.0 million, or $1.11 per diluted share, for the three months ended March 31, 2022, versus $295.9 million, or $0.93 per diluted share, for the comparable 2021 period. Excluding certain benefits and expenses, on an adjusted basis, net income for the three months ended March 31, 2022 was $360.7 million, or $1.14 per diluted share, versus $297.2 million, or $0.93 per diluted share, for the comparable 2021 period.
"Our strong start to the year was made possible through the execution of our strategy that is designed to generate profitable growth," said Jon Vander Ark, president and chief executive officer. "We delivered double-digit growth in revenue, EBITDA and free cash flow while making investments to expand our environmental solutions business and further build our differentiated capabilities. Our results demonstrate the positive impact our strategic investments are making in the business, not only for today, but for years to come."
Highlights of Republic Services' first quarter of 2022
- The first-quarter EPS was $1.11 per share, and adjusted EPS, a non-GAAP measure, was $1.14 per share.
- Cash provided by operating activities was $705.6 million, an increase of 6.7 percent versus the prior year. Adjusted free cash flow, a non-GAAP measure, was $530.9 million, an increase of 14.4 percent versus the prior year.
- Republic's first-quarter net income was $352.0 million, or 11.9 percent of revenue.
- First-quarter adjusted EBITDA, a non-GAAP measure, was $903.5 million and the adjusted EBITDA margin was 30.4 percent of revenue.
- Republic invested $65.6 million in acquisitions.
- The company closed on the acquisition of US Ecology on May 2, 2022.
- Total cash returned to shareholders was $349.4 million, which included $203.5 million of share repurchases and $145.9 million of dividends paid.
- Revenue growth from average yield was 4.2 percent and volume increased by 3.6 percent.
- Core price increased revenue by 6.0 percent. The core price consisted of 7.6 percent in the open market and 3.5 percent in the restricted portion of the business.
- The company's average recycled commodity price per ton sold during the first quarter was $201. This represents a decrease from the fourth quarter of 2021 of $17 per ton and an increase of $68 per ton over the prior year.
- The company was named to Barron's 100 Most Sustainable Companies list.
Republic Services' Board of Directors has declared a regular quarterly dividend of $0.46 per share for shareholders of record on July 1, 2022. The dividend will be paid on July 15, 2022.