Republic Services Reports Drop in First Quarter Earnings

Republic Services Inc. reported a drop in net income for its first quarter because of a variety of one-time expenses.

For the period ended March 31 the Phoenix-based Republic’s net income fell 12.8 percent to $124.6 million, or 34 cents per diluted share, compared with $142.9 million, or 38 cents per diluted share, for the 2012 quarter. The company said in a news release that excluding certain charges affecting the 2013 and 2012 quarters net income would have totaled $167.4 million this year and $140.9 million last year.

Revenue for the first three months increased 0.8 percent to $1.998 billion compared with $1.98 billion in the comparable 2012 period. The company had increases in core price of 1.2 percent, fuel recovery fees of 0.3 percent and acquisitions, net of divestitures of 0.5 percent. Those were partially offset by decreases in volumes of 1 percent and recycling commodities of 0.2 percent.

"I am pleased with our first quarter results, which demonstrate our ability to profitably grow our North American solid waste and recycling businesses,” said Donald Slager, Republic president and CEO. “We remain on-track to achieve our full year 2013 guidance, and continue to efficiently return cash to stockholders."