TruGreen ChemLawn’s parent company ServiceMaster Co., the largest U.S. home service provider, reported that its second-quarter 2003 earnings rose as lawn care crews performed yard work delayed by a rainy spring and another business segment renewed more housecleaning contracts.
The Downers Grove, Ill.-based company reported net income of $65.5 million or 22 cents per share, compared with $62.5 million, or 20 cents per share, for the same period last year. Total company revenues rose 2 percent to $1.05 billion.
The company says it continues to expect 2003 earnings of about 56 cents per share, just above analysts expectations of 55 cents per share.
"We are instituting additional cost and wage controls to keep us on track to meet our earnings goals for the year," says chief executive officer Jonathan Ward.
The author is Assistant Editor of Lawn & Landscape magazine and can be reached at lspiers@lawnandlandscape.com.