Republic Services Inc. net income more than tripled for its second quarter.
The Phoenix-based Republic said in a news release net income for the period ended June 30 totaled $149.2 million, or 40 cents per diluted share, compared with $46.5 million, or 12 cents per diluted share, in the year-ago period. The company said excluding certain charges that impacted both years, net income for the 2012 quarter would have totaled $218.4 million, compared with $184.9 million a year earlier.
Revenue for the quarter slipped 1.2 percent to $2.06 billion compared with $2.09 billion in the year-ago period. The company blamed the revenue decrease on drops in fuel surcharges, volumes and recycling commodity pricing. Results were aided by increases in core prices and acquisitions.
For the first six months net income rose 43 percent to $292.1 million, or 79 cents per diluted share, compared with $204.7 million, or 54 cents per diluted share, in the 2011 period. Excluding those charges net income would have risen to $359.2 million compared with $344.5 million a year earlier.
Revenue for the first half slipped 0.2 percent to $4.04 million compared with $4.05 million in 2011.
"The business is operating within our expectations,” said Donald Slager, Republic president and CEO. "We achieved 30.3 percent EBITDA (earnings before interest, tax and amortization) margins in the quarter, continued to see a stronger pace of acquisition activity and completed our refinancing activities.”
Republic updated its full year earnings guidance for adjusted diluted earnings per share to be in a range of $1.91 to $1.93.