Daily Brief Industrials: Waste Connections , United Rentals, Fortive , Republic Services, Norcros PLC, Otis Worldwide and more

• Waste Connections demonstrated strong financial performance in the latest quarter, driven by solid waste pricing and effective cost management.
• The company’s revenue grew by over 11%, with core solid waste pricing contributing significantly to this growth.
• Despite a slight decline in volumes, the company’s strategic approach to pricing and contract renewals has maintained revenue quality, offsetting the negative impact of lower special waste volumes and other cyclical challenges.

• United Rentals recently discussed its financial performance and strategic direction, presenting a mixed but robust picture of its operational and financial health.
• The company reported a notable increase in total revenue, which rose by 6% year-over-year to $3.8 billion in the second quarter, with rental revenue climbing 8% to $3.2 billion.
• This growth was bolstered by fleet productivity, which also saw an improvement of 4.6%.

• Fortive Corporation’s recent earnings report underscores its strategic focus and financial agility in today’s economic environment.
• The firm showcased a robust display of financial discipline and strategic execution, achieving earnings and free cash flow at the high end of expectations.
• Despite facing a low growth environment, Fortive demonstrated a remarkable 90 basis points of adjusted operating margin expansion and a 9% growth in adjusted earnings, which highlights its operational efficacy and resilience.

• Republic Services has reported robust second quarter results, continuing its positive momentum with strategic execution in key areas including customer engagement, digital transformation, and sustainable practices.
• Revenue growth in the quarter stood at 9%, while adjusted EBITDA grew by 13%, reflecting strong operational performance and efficient management strategies.
• This growth was driven by a focus on high-quality customer service and organic growth, maintaining a customer retention rate above 94%.

Edison Investment Research is terminating coverage on AGBA (AGBA) and Norcros (NXR). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

• Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment.
• The company’s results reflected both their successes and the ongoing challenges in the global market.
• On the positive side, the Service segment continued to serve as a strong growth vector for Otis, with a reported mid-single-digit organic sales increase.