Republic Services Inc.’s net income dropped 62.3 percent in its second quarter, hurt by one-time charges involving a landfill remediation and a pension fund withdrawal.
The Phoenix-based waste and recycling company reported for the quarter ended June 30 that its net income fell to $56.3 million, or 15 cents per diluted share, compared with $149.2 million, or 40 cents per diluted share, a year ago, according to a news release.
The current quarter included a remediation charge for its Bridgeton, Mo., landfill of of $65.6 million, and costs related to the withdrawal from the Central States Pension Fund of $33.7 million.
Revenue for the latest quarter rose 2.5 percent to $2.11 billion compared with $2.06 billion a year earlier.
For the first half, Republic’s net income decreased 38.1 percent to $180.9 million,or 50 cents per diluted share, compared with $292.1 million, or 79 cents per diluted share, for the 2012 first six months.
Revenue for the six-month period climbed 1.7 percent to $4.11 billion compared with $4.04 billion a year ago.
"Excluding accounting charges, the business performed well in the second quarter and in-line with our expectations,” said Donald Slager, Republic president and CEO. “We remain encouraged by our improving average yield and volume performance, which we believe results from a strengthening economy."
The company reaffirmed its full-year guidance for adjusted diluted earnings per share of $1.86 to $1.91.