Revenue DeclineQ1/24 revenue declined by 2.8% year-over-year to $664.9 million, significantly missing the consensus estimate of $676.4 million.
Sector PerformanceSecure Information Destruction, which constitutes 33% of the company's revenue, experienced a 6.3% decline in OCC revenue due to lower commodity-indexed revenue, particularly from recycled paper.
Stock PerformanceDespite meeting expectations in results and guidance, the stock sold off by 7%, possibly due to leverage fears.