Stericycle Inc (SRCL) Q1 2024 Earnings: Adjusted EPS Outperforms as Revenue Declines

 

• Revenue: Reported at $664.9 million, down 2.8% year-over-year, falling short of estimates of $676.42 million.

• Net Income: Increased to $13.1 million from $11.2 million in the previous year, exceeding estimates of $51.03 million.

• Earnings Per Share (EPS): Achieved $0.14, slightly above the previous year's $0.12, but below the estimated $0.56.

• Adjusted EPS: Improved to $0.57 from $0.49 year-over-year, surpassing the estimated $0.56.

• Free Cash Flow: Experienced a significant outflow of $97.6 million compared to an inflow of $13.1 million in the previous year.

• Operating Income: Slightly decreased to $38.9 million from $40.0 million in the prior year.

• Cost Savings: On track to realize estimated in-year cost savings of $40-$45 million following workforce reductions.

The company faced significant challenges, including a $104.0 million decrease in cash from operations, turning into an outflow of $54.5 million. This was mainly due to an increase in accounts receivable and higher annual incentive plan payments. Moreover, free cash flow was negatively impacted, recording an outflow of $97.6 million compared to an inflow in the previous year, exacerbated by increased capital expenditures.

https://finance.yahoo.com/news/stericycle-inc-srcl-q1-2024-123654920.html