Allan Gerlat, News Editor

November 2, 2012

1 Min Read
Republic Net Income Dips 21 Percent in Third Quarter

Republic Services Inc.’s net income dropped 21.1 percent in its third quarter.

The Phoenix-based Republic said that net income for the period ended Sept. 30 slipped to $152.7 million, 42 cents per diluted share, compared with $193.5 million, or 52 cents per diluted share, in the 2011 period.

Revenue for the third quarter decreased 3.3 percent to $2.05 billion compared with $2.12 billion in the year-ago period, according to a news release. The company cited decreases in commodity recycling prices, volumes and fuel surcharges as hurting results.

For the first nine months Republic’s net income rose 11.7 percent to $444.8 million, or $1.20 per diluted share, compared with $398.2 million, or $1.05 per share, in the year-ago period.

Revenue for the period declined 1.3 percent to $6.09 billion compared with $6.17 billion in the 2011 period.

The company saw improvement in the third quarter in its core price, said Don Slager, president and CEO. But because of lower recycled commodity pricing and higher fuel expense, Republic is lowering its guidance for 2012 earnings to a range of $1.85 to $1.87 per diluted share, from the previous $1.91 to $1.93 per diluted share.

Republic announced a restructuring of operations and reduction of staff earlier this week.

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

Stay in the Know - Subscribe to Our Newsletters
Join a network of more than 90,000 waste and recycling industry professionals. Get the latest news and insights straight to your inbox. Free.

You May Also Like