Republic Services Q2 Profit Misses Estimate; Backs FY13 Earnings View

(RTTNews) - Republic Services, Inc. (RSG) reported net income for the second quarter of $56.3 million or $0.15 per share, compared to $149.2 million or $0.40 per share for the year-ago quarter.

Excluding items, adjusted, net income for the second quarter was $156.7 million or $0.43 per share, compared to $218.4 million or $0.59 per share in the prior year quarter.

Revenue for the second quarter increased 2.5% to $2.11 billion from $2.06 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.50 per share on revenue of $2.09 billion for the second quarter.

Republic reaffirmed its full year 2013 adjusted earnings per share guidance of $1.86 to $1.91. Analysts currently expect the company to earn $1.92 per share for the full year 2013.

Republic's Board of Directors declared a regular quarterly dividend of $0.26 per share, an increase of 10.6% over the prior quarter, for stockholders of record on Oct. 1, 2013. The dividend will be paid on Oct. 15, 2013.