- Phoenix, AZ-based Republic Services has reported its 2015 third quarter earnings. Revenues for the waste management company rose 3.0% to $2.34 billion from $2.27 billion during the 2014 third quarter. Net earnings jumped 16% to $215 million ($0.61 per diluted share) from $185.8 million ($0.52 per diluted share) in the 2014 third quarter.
- Republic's Board also announced that it approved an additional $900 million to its share repurchase authorization "which continues to demonstrate the confidence we have in our free cash flow generation and our commitment to increase cash returns to shareholders," said CEO Donald Slager.
- Slager said he expects that Republic will achieve its full-year financial guidance, which was raised in July. The company's preliminary outlook for 2016 is for diluted earnings per share to be in the range of $2.13 to $2.17.
"Our results continue to demonstrate the progress we have made with our strategy of profitable growth through differentiation, while capturing the benefits of a steady improvement in solid waste trends. Our initiatives are delivering strong results through a heightened focus on the customer experience and improving service delivery, while reducing costs through operational programs and efficiencies," said Slager during the earnings call.
While Republic has proven its strength in the market through 2015, it will need to continue to grow to keep up with competitors. This week, Waste Management reported strong third quarter results with a 24.1% increase in net earnings, while Rutland, VT-based Casella showed a 112.6% increase in net earnings for the 2015 third quarter.