Republic Posts Higher Net Income, Revenue in Quarter

Republic Posts Higher Net Income, Revenue in Quarter

Republic Services Inc. reported higher net income and revenue for its third quarter.

The Phoenix-based Republic said for the period ended Sept. 30 that net earnings climbed 8.4 percent to $185.8 million, or 52 cents per diluted share, compared with $171.4 million, or 47 cents per diluted share, in the 2013 period.

Revenue rose 4.6 percent to $2.26 billion from $2.17 billion a year earlier, according to a news release.

"We are pleased with our performance in the third quarter, which was in line with our expectations,” said Donald Slager, president and CEO. “Revenue growth of approximately 5 percent reflects our ability to profitably grow the business and maintain average yield performance, even with a step-down in CPI (consumer price index) based pricing. Recent acquisitions demonstrate our ability and intent to complete larger transactions within our core space, increase free cash flow and improve returns.”

For the nine-month period, net profits increased 41.2 percent to $497.3 million, or $1.39 per diluted share, compared with $352.3 million, or 97 cents per diluted share, in 2013. Revenue advanced 4.6 percent to $6.56 billion from $6.28 billion a year earlier.

Republic has updated its full year adjusted diluted earnings per share guidance to be in the range of $1.93 to $1.94.

The company also gave its preliminary outlook for 2015. It is projecting diluted earnings per share to be in a range of $2.02 to $2.06.

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