Republic Services Profit Hurt By Debt Extinguishment
October 27 2016 - 5:26PM
Dow Jones News
By Ezequiel Minaya
Trash collector Republic Services Inc. on Thursday posted a slip
in profit because of a loss on extinguishment of debt, though
revenue rose with the company's collection business climbing
2%.
Collection is the largest segment for Republic Services. The
business climbed to $1.81 billion from $1.78 billion during the
same period a year earlier.
The company increased its annual forecast for adjusted earnings
on a per-share basis to a range of $2.19 to $2.20 from $2.13 to
$2.17. Analysts surveyed by Thomson Reuters expect $2.16 a
share.
For the coming 2017 fiscal year, the company expects earnings
per share between $2.29 and $2.34, with adjusted earnings in the
range of $2.31 to $2.36. Analysts expect adjusted earnings of $2.36
a share.
For the three months ended Sept 30, costs of operations
increased 6.2% to $1.48 billion.
Among the results, revenue for residential collection was flat
at $564 million, while large-container industrial collection rose
2.9% and sale of recycled commodities climbed 15.3% to $114.6
million
In all, for the quarter ended in September, Republic Services
earned $85.6 million, or 25 cents a share, down from $215 million,
or 61 cents a share, a year earlier. Earnings excluding items were
62 cents a share, up from 53 cents a year ago.
Revenue increased 2.8% to $2.41 billion.
Adjusted earnings beat Wall Street expectations. Analysts
surveyed by Thomson Reuters expected earnings of 58 cents a share
on revenue of $2.41 billion.
Shares were inactive after-hours Thursday.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
October 27, 2016 17:11 ET (21:11 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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