Medical Waste firm Stericycle Inc. posted lower net profits but higher revenue for its second quarter.
Here are the highlights from Lake Forest, Ill.-based Stericycle’s financial report for the period ending June 30.
- Net income for Stericycle fell 26.2 percent in the first quarter to $60.4 million, or 70 cents per diluted share, compared with $81.9 million, or 95 cents per share, in the year-ago period.
- Revenue, however, climbed 11.7 percent to $715.7 million from $640.8 million, according to a news release. Acquisitions added about $58.9 million to the latest quarter’s total, which also took a hit from an unfavorable foreign exchange impact of $27.3 million.
- For the first six months net earnings for the medical waste firm dropped 15.6 percent to $135.9 million, or $1.57 per diluted share, compared with $161.1 million, or $1.87 per diluted share a year earlier.
- Revenue in the first half advanced 13.9 percent to $1.38 billion from $1.21 billion. Acquisitions contributed $145.2 million to the 2015 growth.
- Zacks Equity Research said Stericycle’s performance was “in sync” with the Zack Consensus Estimate. The financial firm said the 2015 decline in came despite a healthy top-line improvement was because of high operating expenses during the reported quarter.
- Stericycle got significantly bigger with the beginning of the third quarter this month. It bought information destruction firm Shred-it International for $2.3 billion. The Oakville, Ontario-based firm had pro forma revenue for the 12-month period ending in March of $726 million.