Republic Services reports second quarter growth

Republic Services, Inc. reported net income of $159.7 million, or $0.42 per diluted share, for the three months ended June 30, 2010, versus $225.9 million, or $0.59 per diluted share, for the comparable period last year. During the three months ended June 30, 2009, the Company recorded a gain of $150.1 million, or $0.24 per diluted share, associated with divestitures mandated by the United States Department of Justice.

Republic’s net income for the three months ended June 30, 2010 and 2009 includes a number of charges and other expenses that impacted its results.

Revenue for the three months ended June 30, 2010 increased to $2,066.4 million compared to $2,066.1 million for the same period in 2009. Core price for the three months ended June 30, 2010 increased 1.6 percent, fuel surcharges increased 1.1 percent and commodity pricing increased 1.5 percent. Offsetting this growth of 4.2 percent for the three months ended June 30, 2010 were decreases of 3.3 percent in core volume and 0.9 percent related to divestitures.

For the six months ended June 30, 2010, net income was $224.7 million, or $0.59 per diluted share, compared to $338.9 million, or $0.89 per diluted share, for the comparable period last year. Republic’s net income for the six months ended June 30, 2010 and 2009 includes a number of charges and other expenses and net gain on disposition of assets that impacted the results.

Revenue for the six months ended June 30, 2010 decreased to $4,024.1 million compared to $4,126.6 million for the same period in 2009. Core price for the six months ended June 30, 2010 increased 1.9 percent, fuel surcharges increased 0.7 percent and commodities pricing increased 1.7 percent. Offsetting this growth of 4.3 percent for the six months ended June 30, 2010, were decreases of 5.2 percent in core volume and 1.6 percent related to divestitures.

Republic’s board of directors has approved a five percent increase in the regular quarterly dividend. The quarterly dividend of $0.20 per share will be paid on October 15, 2010 to shareholders of record on October 1, 2010.