Allan Gerlat, News Editor

July 26, 2013

1 Min Read
Republic Earnings Decline Because of One-Time Charges

Republic Services Inc.’s net income dropped 62.3 percent in its second quarter, hurt by one-time charges involving a landfill remediation and a pension fund withdrawal.

The Phoenix-based waste and recycling company reported for the quarter ended June 30 that its net income fell to $56.3 million, or 15 cents per diluted share, compared with $149.2 million, or 40 cents per diluted share, a year ago, according to a news release.

The current quarter included a remediation charge for its Bridgeton, Mo., landfill of of $65.6 million, and costs related to the withdrawal from the Central States Pension Fund of $33.7 million.

Revenue for the latest quarter rose 2.5 percent to $2.11 billion compared with  $2.06 billion a year earlier.

For the first half, Republic’s net income decreased 38.1 percent to $180.9 million,or 50 cents per diluted share, compared with $292.1 million, or 79 cents per diluted share, for the 2012 first six months.

Revenue for the six-month period climbed 1.7 percent to $4.11 billion compared with $4.04 billion a year ago.

"Excluding accounting charges, the business performed well in the second quarter and in-line with our expectations,” said Donald Slager, Republic president and CEO. “We remain encouraged by our improving average yield and volume performance, which we believe results from a strengthening economy."

The company reaffirmed its full-year guidance for adjusted diluted earnings per share of $1.86 to $1.91.

 

 

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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