Terminix Reports Q1 2021 Revenue Growth of Three Per Cent
Terminix has announced unaudited first-quarter 2021 results, reporting a year-over-year revenue increase of three percent to US $471 million.
Net income increased year-over-year by US $13 million, or 92 per cent, to US $27 million, or $0.20 per share. Adjusted EBITDA for the quarter increased year-over-year by US $30 million, or 50 per cent, to US $90 million, and Adjusted Net Income increased by US $28 million to US $40 million, or US $0.30 per share.
Announcing the results, CEO Brett Ponton, said: "Solid revenue growth across our major service lines and continued improvements in profitability highlighted a strong start to 2021.
"Improvements in customer retention, pricing realization and strong unit growth in our termite business were key to the strong revenue performance. Margin expansion was driven by profitable revenue growth, improved direct cost productivity, as well as benefits from initiatives to simplify our back-office structure as a more focused pest management company.
"Looking ahead, we are excited about the launch of the Terminix Way initiative and the roll-out of our customer experience platform, or CXP. The Terminix Way initiative will enhance standard operating procedures, develop robust training curriculums, and more clearly define career paths for our teammates, while CXP will improve our marketing capabilities and service delivery through an easy-to-use, best-in-class operating system. We remain focused on driving growth and profitability while launching these platforms that will enhance the teammate experience and improve our customer acquisition and retention capabilities.
"Our work over the course of this year to develop these platforms will lay the foundation needed to drive greater consistency across the business and position us to become the preferred pest management provider in the eyes of our customers, our teammates and the communities we serve."