Medical and hazardous waste disposal and compliance company Stericycle (Nasdaq: SRCL) this evening reported mixed results for its first quarter ended March 31: Adjusted earnings per share beat the Street, but organic revenue was slightly down.
Lake Forest, Ill.–based Stericycle earned $21 million, or 25 cents per share, during the first quarter, down from about $53 million, or 62 cents per share, for the same quarter a year before.
Adjusting for one-time items offset by the positive impact of U.S. tax reform, Stericycle’s net income was $1.21 per share, an increase of 11% that beat the average $1.05 per share expectations of analysts polled on Yahoo! Finance.
First-quarter revenue was slightly up year-over-year to $895 million, with acquisitions adding $7.1 million to revenues and divestitures reducing revenues by $10.8 million. Organic revenue was actually slightly down, driven by growth in secure information destruction, retail hazardous waste and hospital compliance services offset by the expected impact of pricing of small quantity medical waste customers.
Stericycle CEO Charles A. Alutto in a news release described the results as a “strong start.”
“All of our service lines delivered solid top-line performance at or above plan,” Alutto said.