Allied Waste reports lower earnings in second quarter

Scottsdale, Ariz.-based Allied Waste Industries on Tuesday released second quarter 2006 financial results indicating a downturn in quarterly profits. Net income for the period fell to $28 million, or 8 cents a share, down from $39 million, or 12 cents a share a year ago. Quarterly revenue rose to $1.54 billion from $1.45 billion a year ago.

The company attributed the drop in quarterly income to charges incurred in a one-time refinancing of $600 million in senior notes.