By John Kell
Republic Services Inc.'s (RSG) first-quarter profit rose 6.3% as
the waste-transport company reported higher volume and an increase
in pricing.
Republic, the No. 2 trash hauler in the U.S. behind Waste
Management Inc. (WM), has been trying to restructure and
consolidate operations in a bid to cut overhead costs.
The results in the latest period narrowly missed Wall Street's
expectations, though Chief Executive and President Donald Slager
said the company performed well despite the severe winter
weather.
For the latest quarter, Republic posted a profit of $132.5
million, or 37 cents a share, up from $124.6 million, or 34 cents a
share, a year ago. Excluding items, adjusted profit fell to 43
cents from 46 cents.
Revenue climbed 3.8% to $2.07 billion.
Analysts surveyed by Thomson Reuters projected an adjusted
profit of 44 cents a share on $2.08 billion in revenue.
Operating margin widened to 14.8% from 13.7%.
Core prices increased 3.2%, while volume grew 1.5%.
Shares were flat in after-hours trading, after closing the
regular session at $34.75. The stock has risen 4.7% in 2014, better
than the broader market.
Write to John Kell at john.kell@wsj.com
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