Republic Releases First Quarter Earnings

Phoenix-based Republic Services has reported a net income of $113.4 million on revenues of $2.1 billion for the first quarter of 2009. The company recorded a net income of $76.1 million on revenues of $779.2 million of the same period in 2008. However, the 2008 figures do not include statistics for Allied Waste Industries, which merged with Republic in December of last year.

“During the first quarter, we continued to see positive results regarding the merger of Republic and Allied,” said James E. O’Connor, chairman and CEO of Republic Services, in a press release. “Thus far, we have captured more than $75 million in annual run-rate synergy savings. We are well on our way, and remain confident in our commitment, to secure a total annual savings of at least $150 million by the end of 2010.”

TAGS: Financials