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Rollins exceeds revenue estimates bolstered by high pest control demand
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Rollins exceeds revenue estimates bolstered by high pest control demand
Apr 24, 2024 3:04 PM

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.

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