Republics Net Income, Revenue Decrease in First Quarter

Phoenix-based Republic Services reported a net income of $65.2 million on revenue of $2 billion for the first three months of 2010. Both figures declined when compared with first-quarter 2009, when Republic posted a net income of $113.4 million on revenue of $2.1 billion.

The firm’s earnings before interest, taxes, depreciation, depletion, amortization and accretion (EBITDA) for the first quarter was $604.5 million. For the first three months of 2009, Republic’s EBITDA was $598.1 million.

“Our continued focus on safety resulted in a significant reduction in our risk cost during the quarter,” said Don Slager, president and COO of Republic, in a press release. “Also, we have begun to see signs of increased economic activity, including indications of greater industrial activity, throughout the United States. Implementation of programs designed to lower costs, drive efficiency and increase productivity will allow us to generate higher returns as economic conditions improve.”

TAGS: Financials