Republic Services Inc. reported higher net earnings and revenue for its third quarter.
Here are 10 main points about the latest financial results for the Phoenix-based company, for the period ended Sept. 30.
- Net profits for Republic climbed 16 percent to $215 million, or 61 cents per diluted share, compared with $185.8 million, or 52 cents per diluted share, in 2014. Excluding certain benefits and expenses, adjusted net income totaled $184.7 million in 2015 compared with $186 million a year ago.
- Revenue rose 3 percent to $2.34 billion from $2.27 billion in 2014, according to a news release.
- The company’s core price was 3.6 percent, which consisted of 4.7 percent in the open market and 1.8 percent in the restricted portion of its business.
- The assessment from Donald Slager, president and CEO: "Our results continue to demonstrate the progress we have made with our strategy of profitable growth through differentiation, while capturing the benefits of a steady improvement in solid waste trends. Our initiatives are delivering strong results through a heightened focus on the customer experience and improving service delivery, while reducing costs through operational programs and efficiencies."
- For the nine-month period, net earnings advanced 16 percent to $577.7 million, or $1.64 per diluted share, compared with $497.3 million, or $1.39 per diluted share, for 2014.
- Revenue increased 4 percent to $6.82 billion from $6.57 billion.
- Republic also announced that it approved a repurchase of $900 million of stock, extending through Dec. 31, 2017. That is in addition to $67 million that was authorized earlier. At current prices, $967 million represents more than 6 percent of the company’s outstanding stock shares.
- Said Slager: "Our share repurchase program reflects our long-term commitment to returning cash to our shareholders. Since we reinstated our repurchase program in 2010, we have consistently and efficiently returned over $1.7 billion to our shareholders through repurchases and reduced our share count by approximately 14 percent."
- The company said it expects to achieve its full-year financial guidance, which it raised in July. It also gave its preliminary outlook for 2016: Diluted earnings per share should be in the range of $2.13 to $2.17.
- The company said it was continuing to make progress on its fleet-based initiatives. Currently, 16 percent of its fleet operates on natural gas, and 71 percent of its residential fleet is automated.