Phoenix-based Republic Services reported a net income of $158.1 million on $1.965 billion in revenue. During the same period in 2010, the firm reported a net income of $65.2 million on $1.958 billion in revenue.
“Our performance in the first quarter is a direct result of the organization’s continued focus on pricing, productivity improvements and customer service,” said Donald Slager, president and CEO of Republic Services, in a statement. “This is the fourth quarter in a row we have seen sequential improvement in our collection volumes. Our free cash flow performance has allowed us to repurchase approximately 5 million shares in the quarter for approximately $148 million[,] leaving $212 million available under the existing repurchase program[,] which we expect to complete in 2011.”
During a conference call with industry analysts, Slager said Republic is “on track to achieve the financial guidance provided in February.” At that time, the firm projected its annual revenue to increase by 1.5 percent in 2011 when compared with 2010.
RELATED WASTE AGE STORY: