no fan of stericycle but it and daniels are the industry. this in news today.
Feb. 22 -- On the back of 8% growth from its regulated waste business, Stericycle Inc. beat analysts´ expectations of fourth quarter earnings, reporting $446.6 million in revenue for the quarter.
The Lake Forest, Ill.-based company reported earnings of 76 cents per share, besting projections of 74 cents per share, according to Yahoo Finance.
Frank ten Brink, the company´s chief financial officer, said revenue from small quantity customers in the United States was up 9% and those from large customers were up 6% for the fourth quarter of 2011.
"We continued to see strong worldwide growth driven by the expanding portfolio services that complement our core regulated waste service," said Richard Kogler, the company´s chief operating officer in a conference call with analysts and reporters.
In other new, Stericycle Inc.´s longtime CEO Mark Miller is stepping aside and will become the company´s executive chairman, the company announced.
Miller, who has been CEO for 20 years, will become the company´s executive chairman starting on Jan. 1. Charles A. Alutto, president of Stericycle USA, will succeed Miller as CEO, the company announced.
The growth among small customers was because of the company´s Steri-Safe program and clinical service compliance programs. For larger commercial customers, growth was found from the sharps management program, he said.
The company closed eight acquisitions in the fourth quarter, five in the U.S. and one each in Spain, Romania and Japan.
The company also reported complete 2011 earnings, saying it brought in $1.67 billion in 2011, up from $1.43 billion in 2010. Cash flow from operations was $306.1 million, the company reported.
CEO Mark Miller told analysts on the call that the company is comfortable with yearly earnings estimates that put revenue at $1.8 billion to $1.9 billion for 2012. The company expects free cash flow between $320 million to $325 million for the year, he said.
The company also slightly increased its 2012 earnings-per-share guidance at $3.21 to $3.26 compared to the previous estimate of $3.19 to $3.25.
Ryan Daniels, an analyst with William Blair & Company, said that the quarter was solid for Stericycle without any major surprises.
"We also like the company´s cash-based, recurring revenue business model, and view it as a safe-haven investment in uncertain times," Daniels wrote.
He said Stericycle holds no risk in healthcare reform. He wrote he would continue to give the stock an outperform rating and said it is a core holding.
