Republic Reports Fourth-Quarter Earnings

Phoenix-based Republic Services has reported a loss of $132 million on revenues of $1.2 billion for fourth-quarter 2008, compared to a net income of $82 million on revenues of 796 million for the same quarter in 2007.

"Despite a weaker economy, we expect 2009 free cash flow, excluding merger-related payments, to be approximately $650 million, which compares favorably to 2008," said Donald Slager, president and chief operating officer, of Republic, in a press release. "Our field organization is adjusting the business for changing economic conditions while remaining focused on the basic aspects of our business including safety, customer service, pricing, and achieving strong and predictable free cash flow."

For the year, the company reported a net income of $74 million on revenues of $3.7 billion, compared to a net income of $290 million on revenues of $3.2 billion in 2007.

"I am very pleased with our progress to date concerning the integration of Republic and Allied following the merger that took place on Dec. 5, 2008," said James O'Connor, chairman and CEO of Republic, in a press release. "We have already completed initiatives that provide an annual benefit of more than $50 million in synergies. I remain confident that we will achieve the estimated $150 million in annual run-rate savings by the end of 2010."

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TAGS: Financials