ATLANTA - Rollins, Inc. reported strong unaudited financial results for its second quarter and six months ended June 30, 2020.
The company recorded second quarter revenues of $553.3 million, an increase of 5.6% over the prior year's second quarter revenue of $524.0 million. Rollins' reported net income of $75.4 million or $0.23 per diluted share for the second quarter ended June 30, 2020, compared to $64.3 million or $0.20 per diluted share for the same period in 2019.
Rollins reported that going into this quarter, the company was faced with the global economic downturn from COVID-19 and responded with numerous operational adjustments to address the economic challenges. These included new COVID-related procedures, modified customer service and related protocols, daily health screenings before entering shared offices, and a transition to remote work locations to reduce concentrations of personnel in offices where appropriate.
Cost containment efforts included furloughs, layoffs, elimination of non-essential travel and capital expenditures, and temporary salary reductions for upper management, among other things. These cost savings were offset by increased spending for personal protective equipment (PPE). Rollins said that these timely actions coupled with lower fuel prices and our routing and scheduling enhancements contributed to our profit improvement.
The company said its commercial customers' operations were most heavily impacted by the various governmental shelter-in-place mandates and their effect on small to medium size businesses, but the well-timed launch of Rollins' new VitalClean sanitation services helped businesses reopen and protect their employees and customers.
Gary W. Rollins, vice chairman and CEO of Rollins, stated, "We are pleased with our leadership and their reaction to the new operational challenges we have faced as we continue to meet the needs of our customers and employees."
Related: 'Talking Pest Management' Podcast With Rollins' Steve Leavitt
The Talking Pest Management podcast recently interviewed Steve Leavitt, group president at Rollins, to find out more about the company's M&A strategy.
CLICK HERE to listen.