The Lake Forest, Ill.-based company posted profits of $23.5 million, or 20¢ per share, on sales of $854.9 million for the three months ended September 30, seeing profits drop 39.7% while sales shrunk a smaller 3.2% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.03, ahead of the $1.01 consensus on The Street, where analysts were looking for sales of $856.4 million, which the company missed.
“The fundamentals of our Regulated Waste and Compliance Services and Secure Information Destruction businesses remain strong, as both businesses exceeded our expectations. Key trends, including a large aging population and heightened focus on information security, continue to drive growth in our markets. Additionally, our strong leadership position, the benefits of our Business Transformation and the expected efficiencies from our new ERP system will provide Stericycle with a robust long-term growth platform,” CEO Charles Alutto said in a press release.
Stericycle updated its guidance for the full year, expecting to see sales of between $3.44 billion and $3.52 billion with adjusted diluted earnings per share of between $4.31 and $4.41.
Shares in Stericycle rose 1.6% today, closing at $50.78.