Stericycle Inc. reported its financial performance for the three and nine months ended September 30, 2024, revealing a slight decline in net income and revenues across its segments compared to the previous fiscal period.
For the three months ended September 30, 2024, the company recorded a net income of $648.4 million, which represents a decrease of $5.1 million (0.8%) from $653.5 million in the same period of 2023. Similarly, for the nine-month period, net income totaled $1,974.9 million, down $32.4 million (1.6%) from $2,007.3 million in the prior year.
In terms of revenue, the North America segment generated $1,691.2 million for the three months ended September 30, 2024, reflecting a decrease of $4.5 million (0.3%) compared to $1,695.7 million in the same quarter of 2023. The International segment experienced a more significant decline, with revenues of $283.7 million, down $27.9 million (9.0%) from $311.6 million in the prior year.
Deferred revenues increased to $80.4 million as of September 30, 2024, up from $72.6 million at the end of 2023. However, net cash from operating activities for the nine months ended September 30, 2024, was $56.4 million, a decrease of $136.9 million from $193.3 million in the same period of 2023. The company also reported a net cash outflow from investing activities of $120.6 million, contrasting with an inflow of $15.5 million in the previous year.
On the financing side, Stericycle saw a net cash inflow of $62.4 million for the nine months ended September 30, 2024, which is an increase of $267.6 million from a net outflow of $205.2 million in the same period of 2023. The Credit Agreement Defined Debt Leverage Ratio stood at 3.48 to 1.00, remaining below the maximum allowed ratio of 4.00 to 1.00.
Additionally, the company incurred approximately $3.4 million in transaction-related expenses associated with its proposed merger with Waste Management, Inc. during the three months ended September 30, 2024.
About STERICYCLE INC
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