Republic Services, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $4,076.2 million, a 6.5% increase from $3,825.9 million in Q3 2023. For the nine months, revenue rose 7.7% to $11,986.0 million from $11,132.9 million. This growth was driven by a 5.4% increase in average yield, a 3.1% contribution from acquisitions, and a 0.5% rise in recycling processing and commodity sales, despite a 1.0% decline in volume.
Operating income for Q3 2024 was $845.9 million, up from $727.8 million in Q3 2023, reflecting an operating margin increase from 19.0% to 20.8%. For the nine months, operating income rose to $2,392.6 million from $2,079.2 million, with the operating margin improving from 18.7% to 20.0%. Net income attributable to Republic Services for Q3 2024 was $565.7 million, or $1.80 per diluted share, compared to $480.2 million, or $1.52 per diluted share, in Q3 2023. For the nine months, net income increased to $1,531.0 million, or $4.86 per diluted share, from $1,291.4 million, or $4.07 per diluted share.
The company’s total assets as of September 30, 2024, were $31,814.2 million, up from $31,410.1 million at the end of 2023. Total stockholders’ equity increased to $11,230.2 million from $10,543.5 million. Cash and cash equivalents decreased to $83.4 million from $140.0 million, while total current liabilities fell to $3,641.5 million from $4,228.3 million.
Strategically, Republic Services made several acquisitions, including Advanced Chemical Transport LLC and Central Texas Refuse, LLC, which contributed approximately 2% to revenue for the nine months ended September 30, 2024. The company spent $77.2 million on acquisitions in 2024, a significant decrease from $938.0 million in 2023. Restructuring charges for the nine months totaled $19.7 million, down from $27.3 million in the prior year, primarily related to software system redesigns.
The company also reported a decrease in cash used in investing activities to $(1,748.5) million from $(2,100.8) million in the previous year. Cash paid for income taxes increased to $183.4 million from $137.9 million. Overall, Republic Services demonstrated strong revenue growth and improved profitability while strategically managing its acquisitions and restructuring efforts.
About REPUBLIC SERVICES, INC.
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