Republic Services Inc

RSG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$843.00	Xqqrs	Cvhbnvm

Republic Services Earnings: Strong Q4 Results; Solid Growth and Margin Expansion Targeted in 2024

Brian Bernard

Feb 28, 2024

Wide-moat-rated Republic Services closed out its fiscal 2023 with a strong financial performance during the fourth quarter, surpassing both our and FactSet consensus expectations for revenue growth and adjusted EPS. Fourth-quarter revenue increased nearly 9% year over year, driven mostly by a 6-percentage-point gain in total price and nearly 3-percentage-points growth from acquisitions. Adjusted EBITDA margin expanded nicely—up 260 basis points year over year to 29.9%, supported by lower transportation and fuel costs and solid operating leverage across other expense line items. Adjusted EPS increased nearly 25% year over year to $1.41.

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