Republic Services Inc. (RSG) reported third-quarter net income attributable to the company of $120.5 million, or $0.32 per share, compared to $88.7 million, or $0.48 per 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.
Excluding items, net income for latest quarter would have been $149.3 million or $0.39 per share. Income before income taxes for the prior year quarter results includes $3.2 million or $0.01 per share of integration costs related to the Allied merger. Excluding these costs, net income for the prior year quarter was $90.7 million or $0.49 per share.
Revenue for the quarter increased to $2.074 billion, from $834.0 million for the same period in 2008.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share on revenues of $2.07 billion for the quarter. Analysts' estimates typically exclude special items.
The company now expects full-year 2009 adjusted earnings to be in the range of $1.46 to $1.48 per share, compared to prior range of $1.43 to $1.45 per share. Analysts expect the company to report earnings of $1.46 per share for fiscal 2009.
The company reaffirmed its full-year free cash flow guidance in the range of $700 to $ million 725 million.
Separately, Republic announced that its Board of Directors has approved a regular quarterly dividend of $0.19 per share to be paid on January 18, 2010 to shareholders of record on January 4, 2010.
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