Republic Services reports third quarter earnings

Republic Services, Inc. reported that revenue in the third quarter of 2008 increased 3.4 percent to $834.0 million from $806.2 million for the same period in 2007. Net income for the three months ended September 30, 2008 was $88.7 million, or $0.48 per diluted share, versus net income of $67.0 million, or $0.35 per diluted share, for the comparable period last year. The company’s income before income taxes for the three months ended September 30, 2008 included $3.2 million of pre-tax integration costs ($2.0 million, or $0.01 per diluted share, net of tax) associated with the company’s proposed merger with Allied Waste Industries, Inc.

Operating income for the three months ended September 30, 2008 was $167.0 million, or 20.0 percent of revenue, compared to operating income of $128.3 million for the same period last year. Excluding the $3.2 million of pre-tax integration costs associated with the company’s proposed merger with Allied Waste, operating income for the three months ended September 30, 2008 would have been $170.2 million, or 20.4 percent of revenue.

James E. O’Connor, chairman and chief executive officer of Republic Services, Inc., said, “ While we continue to experience a reduction in volume related to the overall economy, I am pleased that pricing during the third quarter was consistent with prior quarters. As with previous economic slowdowns, our field organization continues to adjust resources and equipment to maintain productivity and control operating costs.”