Republic Posts Higher Profits, Revenue in Quarter

Republic Services Inc. reported higher net earnings and revenue for its third quarter, helped by an improved solid waste performance.

For the period ended Sept. 30 the Phoenix-based Republic said net income climbed 12 percent to $171. 4 million, or 47 cents per diluted share, compared with $152.7 million, or 42 cents per diluted share, in the year-ago period.

Revenue increased 6 percent to $2.17 billion from $2.05 billion in 2012, the company said in a news release.

For the first nine months, however, net profits dropped 21 percent to $352.3 million, or 97 cents per diluted share, compared with $444.8 million, or $1.20 per diluted share, a year earlier. Revenue conversely climbed 3 percent to $6.28 billion from $6.09 billion.

The company’s third quarter results carried charges and expenses, including the completion of Republic’s withdrawal from the Central States Pension Fund. The nine-month results also included several one-time charges.

“Our results were supported by an improvement in solid waste trends including higher levels of landfill special waste,” said Donald Slager, president and CEO.