April 24 (Reuters) - Rollins topped market
expectations for first-quarter revenue on Wednesday, helped by
pricing actions and as demand for its pest control services held
steady despite tough macroeconomic conditions in the United
States.
With rising global warming, demand for pest control is
expected to bump up from both households and commercial
establishments as pests tend to thrive in warmer temperatures.
The Orkin-parent's revenue for the three months ended March
31 rose about 14% to $748.3 million, compared with analysts'
average estimate of $739.1 million, according to LSEG data.
Atlanta, Georgia-based Rollins has also been hiking prices
for its services over the past year to offset costs tied to
labor, materials and supplies.
"We are well positioned for continued growth in 2024, both
organically as well as through acquisitions, and remain focused
on continuous improvement initiatives to enhance profitability
across our business," CEO Jerry Gahlhoff said.
Rollins' adjusted profit per share for the quarter was 20
cents, in line with market expectations.