Republic Services Inc. reported stronger net income and revenue for its third quarter, fueled by volume growth.
Net income for the period ended Sept. 30 rose 44 percent to $193.5 million, or 52 cents per share, compared to $134.2 million, or 35 cents per share, for the comparable period in 2010. Excluding certain charges and expenses net income for the 2011 quarter would have totaled $198.5 million compared to $172.8 million in 2010, the company said in a news release.
Revenue for the third quarter rose 4 percent to $2.12 billion compared to $2.06 billion a year earlier.
Republic said core prices increased 0.7 percent, fuel surcharges climbed 1.2 percent, commodities pricing advanced 1.7 percent, volume rose 0.3 percent and acquisitions/divestitures net increased 0.1percent. Partially offsetting the revenue growth was a decrease of 1.4 percent resulting from the ending of two public sector contracts.
"Republic reported volume growth in the quarter," said Don Slager, Republic president and chief executive officer. "We remain confident that our earnings per share and free cash flow for 2011 will be in line with our guidance.”
For the nine-month period, net income climbed 11 percent to $398.2 million, or $1.05 per diluted share, compared to $358.9 million, or 93 cents per diluted share, a year ago.
Revenue for the nine months increased 1 percent to $6.17 billion compared to $6.09 billion for the same period in 2010.
Republic’s board of directors declared a regular quarterly dividend of 22 cents per share for stockholders of record on January 3, 2012.