Shares of pest control and residential and commercial cleaning and restoration service provider ServiceMaster (SERV) were up big Tuesday following the company's first-quarter earnings beat.
The Memphis-based company reported a 13% increase in year-over-year revenue to $482 million, with adjusted net income of $45 million, or 33 cents per share. Analysts polled by FactSet were expecting the company to report revenue of $473.1 million and earnings of 31 cents per share.
"Our solid performance in the quarter reflects the consistent progress we are making on executing our strategic initiatives," said ServiceMaster CEO Officer Nik Varty. "In our pest control core, organic growth of 3 percent in the quarter included 4 percent growth in residential pest and 2 percent in termite and home services, despite the impact of unseasonably cold weather and flooding on our operations and lead flow."
For the year, the company expects revenue to range between $2.02 billion and $2.05 billion, ahead of analysts' expectations of $1.9 billion.
ServiceMaster was up 9.3% to $53.95 Tuesday.