Republic Services, Inc. Reports Third Quarter Earnings
- Company raises adjusted earnings guidance by 3 cents to a new range of $1.46 to $1.48 per diluted share
PHOENIX, Nov. 2 /PRNewswire-FirstCall/ -- Republic Services, Inc. (NYSE: RSG) today reported net income of $120.5 million, or $0.32 per diluted share, including merger-related gains and costs and other charges, for the three months ended September 30, 2009, versus $88.7 million, or $0.48 per diluted share, for the comparable period last year. Republic's third quarter 2009 financial results include Allied Waste Industries, Inc. (Allied) which merged with Republic on December 5, 2008.


Republic's income before income taxes for the three months ended September 30, 2009, includes $0.9 million ($0.00 per diluted share) of a net loss on disposition of assets, $12.3 million ($0.02 per diluted share) of restructuring charges, $31.8 million ($0.05 per diluted share) of loss on extinguishment of debt, $8.9 million ($0.01 per diluted share) of costs to achieve synergies and a gain of $8.8 million ($0.01 per diluted share) related to insurance recoveries resulting from remediation activities. Excluding these items, net income for the three months ended September 30, 2009 would have been $149.3 million or $0.39 per diluted share. Income before income taxes for the three months ended September 30, 2008 includes $3.2 million ($.01 per diluted share) of integration costs related to the Allied merger. Excluding these costs, net income for the three months ended September 30, 2008 was $90.7 million or $0.49 per diluted share.


Operating income before depreciation, amortization, depletion and accretion for the three months ended September 30, 2009 was $627.4 million compared to $248.9 million for the comparable period in 2008. Excluding the net loss on disposition of assets, restructuring charges, costs to achieve synergies, and insurance recoveries recorded during 2009 and the integration costs recorded during 2008, operating income before depreciation, amortization, depletion and accretion for the three months ended September 30, 2009 was $640.7 million, or 30.9% as a percentage of revenue, compared to $252.1 million, or 30.2% as a percentage of revenue, for the comparable 2008 period.


Revenue for the three months ended September 30, 2009 increased to $2,073.5 million compared to $834.0 million for the same period in 2008. Core price for the three months ended September 30, 2009 (assuming the merger with Allied had occurred on January 1, 2008) increased 2.8%. Offsetting the core price growth of 2.8% for the three months ended September 30, 2009 were decreases of 10.1% in core volume, 1.9% of commodity pricing and 3.6% in fuel recovery fees.


For the nine months ended September 30, 2009, net income was $459.4 million, or $1.21 per diluted share, compared to $205.5 million, or $1.11 per diluted share, for the comparable period last year. Republic's income before income taxes for the nine months ended September 30, 2009, includes $144.3 million ($0.23 per diluted share) of net gains on disposition of assets, $55.9 million ($0.09 per diluted share) of restructuring charges, $31.8 million ($0.05 per diluted share) of loss on extinguishment of debt, $31.8 million ($0.05 per diluted share) of costs to achieve synergies and a gain of $8.8 million ($0.01 per diluted share) related to insurance recoveries resulting from remediation activities. Excluding these items, net income for the nine months ended September 30, 2009 would have been $438.6 million or $1.16 per diluted share.




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