Phoenix-based Republic Services recorded a net income of $226 million on $2.1 billion in revenue during second-quarter 2009. For the same period last year, Republic posted a net income of $40.7 million on $827.5 million in revenue. Republic purchased Allied Waste at the end of 2008.
During the first six months of 2009, Republic recorded a net income of $338.9 million on $4.1 billion in revenue. During the same period in 2008, the firm recorded a net income of $116.8 million on $1.6 billion in revenue.
We continue to maintain our pricing discipline along with our focus on integration, synergy savings and operating cost controls, said James OConnor, chairman and CEO of Republic Services, in a press release. As a result of these efforts, we are raising our financial guidance for full year 2009. Our pricing strategy is the key to improving margins and earning an adequate return on invested capital.
Our field organization and regional teams have performed exceptionally well as we continue to realize success from the merger of Allied Waste Industries and Republic Services, added Donald Slager, president and COO of Republic. Additionally, we completed almost all of the required divestitures. By the end of the second quarter, we received $424 million of pre-tax proceeds. We expect that by the end of August 2009, all of our required divestitures will be complete with proceeds in excess of $475 million. All of the proceeds from the sale of these assets are being used to pay down debt.