Dive Brief:
- Republic Services, a waste and recycling company based in Phoenix, AZ, announced its fourth quarter and 2014 financial results.
- Net income in the fourth quarter was $50.3 million, compared to $236.6 million reported in the fourth quarter of 2013. Revenue in the fourth quarter was $2,225.2 million, compared to $2,141.5 million in 2013.
- Republic also reported its full year results for 2014. Net income for all of 2014 was $547.6 million, compared to $588.9 million in 2013. Revenue in 2014 was $8,788.3 million, compared to $8,417.2 million in 2013.
Dive Insight:
The fourth quarter losses were in large part due to costs for future remediation of its Bridgeton, MO, landfill, which is continuing to deal with the consequences of an underground fire.
Throughout 2014, the company added seven compressed natural gas (CNG) stations to its portfolio, bringing its total up to 36 stations across the country. 14% of its entire fleet now uses CNG. Republic also said that it shuttered seven older recycling facilities that were not earning an adequate return.
Also in 2014, Republic launched its gas-to-energy plant at the County Line landfill in Indiana, acquired Rainbow Disposal, and inked an oil and gas deal with Tervita for $485 million.
Despite generally lower numbers across the board, Donald W. Slager, the president and CEO of Republic, remains optimistic. Slager said: “We are extremely proud of our results and achievements during 2014. We executed our strategy to profitably grow the business, launched tools and programs to differentiate our service offering, continued to implement fleet-based productivity initiatives, and delivered industry-leading total shareholder return.”