Republic Services Inc. saw profit increase for both the fourth quarter and the entire year in 2011.

The Phoenix-based solid waste management company earned $589.2 million, or $1.56 per diluted share, on revenue of $8.19 billion, in 2011. That compares with net income of $506.5 million, or $1.32 per share, on revenue of $8.11 billion in 2010.

Net income for the fourth quarter was $191 million, or 51 cents per diluted share, on revenue of $2.025 billion. That compares with earnings of $147.6 million, or 38 cents per diluted share, on revenue of $2.021 billion for the last quarter of 2010.

“Our strong operational focus allowed the company to achieve a record level of free cash flow. We continue to have a disciplined approach in the utilization of cash flow, which includes re-investing in our business, acquisitions and returning cash through share repurchases and dividends. During 2011, Republic returned approximately $770 million to its owners through repurchases and dividends, CEO Donald W. Slager said in a statement.

Republic beat analysts’ earnings estimates for the quarter. Analysts estimated Republic’s fourth quarter earnings per share at 45 cents before one-time items, according to Yahoo Finance.

Republic Services shares were trading at $30.02 per share, down 7 cents, in early trading this morning.