MEMPHIS, Tenn. - Terminix Global Holdings announced unaudited first-quarter 2022 results.
For the first quarter of 2022, the Company reported a year-over-year revenue increase of five percent to $496 million. Net income for the quarter decreased year-over-year by $8 million to $19 million, or $0.15 per share. Adjusted EBITDA(1) for the quarter decreased year-over-year by $4 million to $86 million, and Adjusted Net Income(2) for the quarter increased by $3 million year-over-year to $42 million, or $0.35 per share.
“We are encouraged by the positive momentum in our residential business,” said Terminix CEO Brett Ponton. “Unit growth in termite and strong price realization across all channels offset expected inflationary pressures in fuel, labor and materials in the quarter. Key investments in labor and staffing levels aided the first quarter and will support growth in the coming quarters. Commercial pest continues to improve, and with strong sales and improved retention rates in the quarter, is poised for growth in the back half of the year.”
“We continue to make progress on the Terminix Way initiative,” continued Ponton. “We recently launched a pilot featuring enhanced training and onboarding for route technician and improved home inspection procedures that will enable a deeper relationship with our customers. We continue to target completion of the Rentokil merger by the end of the third quarter of 2022 and are making good progress on integration planning across both the front-line and back-office functions of our businesses.”