ServiceMaster reports Q1 adjusted EPS 33c, consensus 31c
Reports Q1 revenue $482M, consensus $473.14M. CEO Nik Varty said, "In our pest control core, organic growth of 3% in the quarter included 4 percent growth in residential pest and 2 percent in termite and home services, despite the impact of unseasonably cold weather and flooding on our operations and lead flow. We see positive trends in commercial pest with customer retention reaching three-year highs, driven by continued improvement in customer service as we leverage the best practices of Copesan and enhance the customer experience we deliver. ServiceMaster Brands grew revenue organically 5% in the first quarter. Our focus on high-growth market verticals is paying dividends with healthcare cleaning and disinfection up 7% and commercial restoration up 35% in the quarter. Strategic M&A also continues to be a growth driver, with 11 pest control acquisitions in the quarter."