Rollins’ First Quarter Revenues Up 13.7 Percent Over Previous Year

ATLANTA - Rollins reported unaudited financial results for the first quarter of 2024.

First quarter revenues were $748 million, an increase of 13.7 percent over the first quarter 2023 with organic revenues increasing 7.5 percent, the company reported. Quarterly operating income was $132 million, an increase of 18 percent over the first quarter of 2023. 

Quarterly net income was $94 million, an increase of 7 percent over the prior year net income. Operating cash flow was $127 million for the quarter, an increase of 26.5 percent over the prior year.

The company invested $47 million in acquisitions, $7 million in capital expenditures and paid dividends totaling $73 million.

"The team delivered a strong first quarter with double-digit revenue across all major service lines and an improving margin and cash flow profile," said Jerry Gahlhoff, president and CEO, Rollins. "While there was some unfavorable and erratic weather in January compared to last year, we delivered a healthy 7.5 percent organic growth rate for the quarter. We saw significant improvement moving through the quarter, as organic revenue growth accelerated to over 10 percent for February and March, with solid performance across our residential, commercial, and termite and ancillary businesses. Demand for our services remains strong and our pipeline for acquisitions is robust."

Gahlhoff added that Rollins is "well positioned for continued growth in 2024, both organically, as well as through acquisitions, and remain focused on continuous improvement initiatives to enhance profitability across our business."