Republic Services Inc. reported a 9.7-percent drop in net income for its first quarter.
The Phoenix-based waste and recycling company said in a news release net income totaled $142.9 million, or 38 cents per diluted share, for the period ended March 31. A year ago Republic posted net earnings of $158.2 million, or 41 cents per diluted share.
Revenue for the first quarter rose 0.9 percent to $1.98 billion compared with $1.96 billion in the year-ago 2011 period.
"We are updating our full-year guidance to reflect higher costs and current business conditions," said Donald Slager, Republic president and CEO. "We will continue to invest in our core business including recycling, fleet maintenance, automation and natural gas initiatives. In addition, we have a robust pipeline of potential acquisitions and have completed approximately $65 million of acquisition activity through April."
Slager said the company reduced its expectations of diluted earnings per share for 2012 to the range of $1.86 to $1.90.