By Neil Haggerty
Republic Services Inc. (RSG) reported better-than-expected
earnings in its most recent quarter, driven by higher revenue and
cost cuts.
The company also raised its guidance for the year, and shares
rose 2% in after hours trading. The company now projects $2.02 to
$2.05 of per-share earnings, above its March guidance of $1.98 to
$2.01 a share.
The waste-management and recycling company also declared a
2-cent, or 7.1%, increase to its quarterly dividend. The 30-cent
dividend will be paid Oct. 15.
Republic said its results were helped by lower costs and better
productivity because of advancements in its fleet-based
initiatives. It also benefited from lower gas prices.
For the quarter, Republic reported earnings of $190.3 million,
or 54 cents a share, up from $170 million, or 50 cents a share, a
year earlier. Revenue increased 3.7% to $2.31 billion.
Analysts polled by Thomson Reuters expected earnings of 51 cents
a share on revenue of $2.31 billion.
Write to Neil Haggerty at neil.haggerty@wsj.com
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