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Rollins Inc. Reports 2017 Q3 and Nine Months Financials

11/02/2017

ATLANTA - Rollins, Inc., reported unaudited financial results for its third quarter and nine months ended Sept. 30, 2017.

The company recorded third quarter revenues of $450.4 million, an increase of 6.2% over the prior year's third quarter revenue of $424.0 million. Rollins' net income increased 3.6% to $51.4 million or $0.24 per diluted share for the third quarter ended September 30, 2017, compared to $49.7 million or $0.23 per diluted share for the same period in 2016.

Rollins' revenues rose 6.0% for the first nine months of 2017 to $1.259 billion compared to $1.188 billion for the prior year. Net income for the first nine months of 2017 was $145.4 million, an increase of 12.4%, or $0.67 per diluted share compared to $129.4 million or $0.59 per diluted share for the same period last year.

Gary W. Rollins, vice chairman and CEO of Rollins, Inc. stated, "We are pleased with the overall revenue results our Company reported for the third quarter and first nine months of this year. For the quarter revenue increased 6.2% and 6.0% year-to-date. We were disappointed however with the impact to profitability that Hurricane Harvey had on several of the Company's regions: Southwest and North Texas, South Central Commercial, Oklahoma, Louisiana, and Mississippi. These areas were negatively impacted by pre-hurricane preparation, flood conditions, closed branches, and our inability to service many of our customers.

Gary Rollins added, "Fortunately our people were unharmed, and where appropriate we compensated them even when they were unable to work. Our Employee Relief Fund has also been beneficial to many impacted employees. Hurricane Irma followed at the end of August with a similar effect in Florida, Georgia, Alabama, Mississippi, and Louisiana. Some good news, on August 1, 2017, we completed the acquisition of Northwest Exterminating. Northwest was established in 1951 and services approximately 120,000 customers in Georgia, Tennessee, Alabama, North Carolina and South Carolina. The purchase of this outstanding company will expand our presence in the Southeast. This acquisition provides significant opportunity for both Rollins and Northwest to grow and learn from each other. We see many benefits from this combination."


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