Waste management services provider Stericycle, Inc. (SRCL, Financial) modestly weighed on relative returns in the quarter due to mixed earnings results. Although revenue was in -line with consensus, earnings-per-share fell short as gross margin and taxes came in worse than expected. Importantly, the core waste collection and disposal business continue to show signs of stability, as waste volume associated with vaccine administration and COVID-19 testing continues to help offset declines in elective surgical procedures and maritime waste services. Looking ahead, we continue to believe SRCL is a solid franchise with stable long-term growth prospects, favorable margin expansion and strong free cash flow generation opportunities.
John Rogers Comments on Stericycle
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