Republic Services Inc. reported higher net earnings and revenue for the 2013 final quarter and year, aided by volume improvements.
The Phoenix-based Republic said that for the fourth quarter ended Dec. 31, net income nearly doubled to $236.6 million, or 66 cents per share, compared with $127 million, or 35 cents per share, in the year-ago period. Excluding certain one-time items, net income would have totaled $193.1 million in 2013 and $155.7 million in 2012, according to a news release.
Revenue for the quarter rose 5.6 percent to $2.14 billion compared with $2.03 billion a year earlier. Volume increased 2.5 percent and recyclable commodities 1 percent.
For the year, net earnings climbed 3 percent to $588.9 million, or $1.62 per diluted share, compared with $571.8 million, or $1.55 per diluted share, in 2012. Revenue for 2013 increased 3.7 percent to $8.42 billion from $8.12 billion in 2012.
"In 2013, we executed our strategy and delivered results that exceeded our EPS (earnings per share) and free cash flow guidance," said Donald Slager, president and CEO.
For its 2014 fiscal guidance Republic expects diluted earnings per share in the range of $1.93 to $1.98. Revenue should increase 3.5 percent to 4.5 percent.
“We are focused on managing the controllable aspects of our business by enhancing the quality of our revenue, investing in profitable growth opportunities, and reducing costs,” Slager said.