The Income Also Rises

Republic Services sees its net income jump during the third quarter.

Phoenix-based Republic Services posted a net income of $134.2 million on revenues of $2.06 billion during third-quarter 2010. During the same period in 2009, the firm posted a net income of $120.5 million on revenues of $2.07 billion.

"Our business remains on track, and our field organization continues to secure pricing growth in excess of inflation, achieve productivity improvements and maintain strong margins despite sluggish economic conditions," said Don Slager, president and chief operating officer of Republic Services, in a statement.

For the first nine months of this year, Republic Services posted a net income of $358.9 million on $6.09 billion in revenue. During the same period in 2009, the firm posted a net income of $459.4 million on $6.20 billion.

In other Republic news, the firm has announced plans to repurchase up to $400 million of its common stock. That amount currently represents about 3.5 percent of the firm's outstanding shares, Republic says.

"Given Republic's strong financial position and predictable cash flows, we are now able to return to our pre-merger strategy of returning a substantial portion of our free cash flow to shareholders by reinstating our share repurchase program and continuing our cash dividend program," said James E. O'Connor, chairman and CEO of Republic Services, in a statement. "We remain committed to maintaining our investment grade rating and are always seeking to reinvest in core business opportunities."

TAGS: Financials