- Terminix Global Holdings Inc (NYSE:TMX) reported second-quarter FY21 sales growth of 4.9% year-on-year, to $560 million, beating the analyst consensus of $556.79 million.
- Residential pest management sales rose 5% Y/Y, commercial pest management gained 14%, and termite and home services declined 2%.
- The gross margin fell 110 basis points to 43.2% of net sales.
- The operating margin was 9.6% and income from continuing operations for the quarter rose 35% to $54 million.
- Adjusted EBITDA of $123 million rose 3.4% Y/Y.
- Adjusted EPS of $0.51 beat the analyst consensus of $0.49.
- Net cash provided by operating activities amounted to $76 million with a free cash flow of $71 million.
- The company held $402 million in cash and equivalents as of June 30, 2021.
- “We delivered strong pricing and customer retention improvements in residential pest management and are making progress on key marketing initiatives that will improve lead generation,” said CEO Brett Ponton.
- Outlook: Terminix’s FY21 sales outlook is unchanged at $2.025 billion – $2.05 billion, versus the consensus of $2.04 billion.
- The company sees FY21 adjusted EBITDA of $380 million – $390 million.
- Price action: TMX shares traded lower by 0.60% at $51.22 on the last check Thursday.
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