Republic Services Profit Rises; Lifts FY Revenue Guidance

(RTTNews) - Republic Services Inc (RSG), a provider of recycling and non-hazardous solid waste services, on Thursday reported second-quarter net earnings of $190.3 million or $0.54 per share compared with $179 million or $0.50 per share last year.

Results for the latest quarter included a 3-cent benefit from a lower than anticipated tax rate.

Analysts polled by Thomson Reuters estimated earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were up at $2.31 billion compared with $2.23 billion in the prior year. Analysts estimated revenues of $2.31 billion.

Revenue growth from average yield was 2.4 percent and volumes increased 1.1 percent, the company said.

Core price was 3.8 percent, which consisted of 4.8 percent in the open market and 1.9 percent in the restricted portion of its business.

The company also advanced its fleet-based initiatives to improve productivity and lower costs.

"Our second quarter results reflect solid execution of our multi-year initiatives while capitalizing on favorable solid waste trends," said CEO Donald Slager, president and chief executive officer.

For the full year 2015, Republic now expects earnings of $2.02 to $2.05 per share, an increase from its prior guidance of $1.98 to $2.04 per share.

The company announced a 7.1 percent increase in the quarterly dividend to $0.30 per share.