Republic Services Inc. posted substantial increases in net income for its fourth quarter and year.
For the three months ended Dec. 31, Phoenix-based Republic’s net income climbed 29.1 percent to $191 million, or 51 cents per diluted share, compared with $147.9 million, or 38 cents per diluted share, in the year ago period. Excluding certain non- generally accepted accounting principle (GAAP) expenses, Republic said in a news release 2011 fourth-quarter earnings would have been $195.3 million compared with $160.8 million a year earlier.
Revenue for the fourth quarter inched up 0.2 percent to $2.03 billion from $2.02 billion in the year-ago quarter.
For the year, net income climbed 16 percent to $589.2 million, or $1.56 per diluted share, compared with $506.5 million, or $1.32 per share, in 2010. Republic said again, excluding certain GAAP expenses, net income would have been $738.3 million compared with $657.8 million in 2010.
Revenue for 2011 rose 1.1 percent to $8.19 billion from $8.11 billion a year earlier.
"I am very pleased with our 2011 performance," said Donald Slager, Republic president and CEO. "Our strong operational focus allowed the company to achieve a record level of free cash flow.”