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ServiceMaster Posts 1Q Revenue Increase of 13 Percent

Print Article Contributed by BSM Staff

MEMPHIS – ServiceMaster Global Holdings, a provider of essential services to residential and commercial customers in the termite, pest control, cleaning and restoration markets, saw revenues increase by 13 percent in the first quarter.

For the quarter ended March 31, 2019, the company reported a profit of $70 million, or 51 cents a share, on sales of $482 million, compared to a profit of $40 million, or 12 cents a share, on $428 million in the same quarter last year.

Net income benefited from a $40 million tax-free realized gain on the monetization of the company’s 16.7 million shares in frontdoor, inc.

Adjusted EBITDA for the quarter was $109 million, and adjusted net income was $45 million, or $0.33 per share, versus $28 million, or $0.21 per share, for the same period in 2018.

“Our solid performance in the quarter reflects the consistent progress we are making on executing our strategic initiatives,” said ServiceMaster CEO Nik Varty. “In our pest control core, organic growth of 3 percent 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.”

Varty said a focus on high-growth market verticals is paying dividends with healthcare cleaning and disinfection up 7 percent and commercial restoration up 35 percent in the quarter.

“We recently launched the Terminix Tick Defend System, in response to increasing tick borne illnesses. This is a reflection of our improved ability to leverage our product knowledge and application expertise to rapidly assess market needs and respond with innovative solutions for our customers…Overall, solid first-quarter performance keeps us on track with our 2019 guidance expectations.”

The company has assets of $4.8 billion, and liabilities of $2.5 billion.

ServiceMaster Global Holdings, Inc. is a provider of termite and pest control, cleaning and restoration services in both the residential and commercial markets, operating through an extensive service network of more than 8,000 company-owned locations and franchise and license agreements. The company’s portfolio of well-recognized brands includes AmeriSpec (home inspections), Copesan (commercial national accounts pest management), Furniture Medic (cabinet and furniture repair), Merry Maids (residential cleaning), ServiceMaster Clean (commercial cleaning), ServiceMaster Restore (restoration and reconstruction), Terminix (termite and pest control), and Terminix Commercial (commercial termite and pest control). The company is headquartered in Memphis, Tenn.

For more, go to www.servicemaster.com.

 

 

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