Advertisement
Singapore markets closed
  • Straits Times Index

    3,447.56
    -23.60 (-0.68%)
     
  • Nikkei

    40,063.79
    -62.56 (-0.16%)
     
  • Hang Seng

    17,417.68
    -360.73 (-2.03%)
     
  • FTSE 100

    8,155.72
    -49.17 (-0.60%)
     
  • Bitcoin USD

    67,044.82
    +3,416.37 (+5.37%)
     
  • CMC Crypto 200

    1,381.96
    +51.07 (+3.84%)
     
  • S&P 500

    5,505.00
    -39.59 (-0.71%)
     
  • Dow

    40,287.53
    -377.49 (-0.93%)
     
  • Nasdaq

    17,726.94
    -144.28 (-0.81%)
     
  • Gold

    2,400.50
    -55.90 (-2.28%)
     
  • Crude Oil

    80.26
    -2.56 (-3.09%)
     
  • 10-Yr Bond

    4.2390
    +0.0500 (+1.19%)
     
  • FTSE Bursa Malaysia

    1,636.55
    +2.74 (+0.17%)
     
  • Jakarta Composite Index

    7,294.50
    -26.58 (-0.36%)
     
  • PSE Index

    6,791.69
    +86.68 (+1.29%)
     

Rollins beats revenue estimates on strong pest control demand

(Reuters) - Rollins on Wednesday beat Wall Street expectations for third-quarter revenue, helped by strong demand for its pest control services.

The Orkin-parent has hiked prices of its products and services, as it looked to tackle higher cost of labor, which constitutes a majority of the company's expenses.

With global temperatures rising, pest control services are expected to benefit from greater demand from both households as well as commercial establishments.

"As we look to close out 2023, we are well positioned for continued growth, both organically, as well as through acquisitions," CEO Jerry Gahlhoff said.

ADVERTISEMENT

The company's quarterly results are in contrast to U.K.-based Rentokil, which warned of weak demand in North America as tougher macroeconomic conditions dented acquisition of new residential customers.

Rollins' revenue rose 15.2% to $840 million for the quarter ended Sept. 30, compared with analysts' estimates of $826.2 million, according to LSEG data.

Profit per share came in at 26 cents, up from 22 cents a year earlier. Adjusted operating income margin rose 240 basis points to 22.3%.

(Reporting by Juveria Tabassum and Akash Sriram in Bengaluru; Editing by Shailesh Kuber)