Republic Services Inc. saw revenue increase slightly during the first quarter as profits dipped for the nation’s second-largest solid waste management company.
The Phoenix-based firm earned $124.6 million, or 34 cents per diluted share, on revenue of $2 billion. That compares to earnings of $142.9 million, or 38 cents per diluted share, on revenue of $1.98 billion for the first quarter of 2012.
Excluding charges, expenses and benefits, net income would have been $167.4 million, or 46 cents per diluted share, for the first quarter of this year, and $140.9 million, or 38 cents per diluted share for the first quarter of last year, the company reported.
Stock analysts predicted revenue of $2 billion and earnings of 40 cents per share, on average, according to Yahoo Finance.
CEO Donald W. Slager, in a statement, said the company’s first quarter performance “reflects an overall improvement in business conditions. We saw sequential increases in core pricing, volume and margins, which drove our strong Q1 results. We continue to profitably grow our core business as evidenced by year-over-year increases in revenue, earnings and free cash flow.”
Shares of Republic Services were up 86 cents to $34.11 in trading at one point this morning, according to Yahoo Finance.