Republic Services, Inc. Reports First Quarter Results
2014-05-15 16:35:18
Republic Services, Inc. Reports First Quarter Results
- Company reports earnings of $0.37 per share; $0.43 as adjusted
- Company reports revenue growth of 3.8 percent
- Company repurchases 3.9 million shares for approximately $132 million
PHOENIX, April 24, 2014 /PRNewswire/ -- Republic Services, Inc. (NYSE: RSG) today reported net income of $132.5 million, or $0.37 per diluted share, for the three months ended March 31, 2014, versus $124.6 million, or $0.34 per diluted share, for the comparable 2013 period.
Republic's net income for the three months ended March 31, 2014 and 2013, includes certain expenses and benefits that impacted its results. A detail of these expenses and benefits is contained in the Reconciliation of Certain Non-GAAP Measures section of this document. Excluding these items, net income for the three months ended March 31, 2014 and 2013, would have been $154.3 million, or $0.43 per diluted share, and $167.4 million, or $0.46 per diluted share, respectively. Adjusted net income and adjusted diluted earnings per share for the current quarter exclude an environmental remediation charge of $21.8 million, net of tax or $0.06 per share.
"The Company performed well in the first quarter despite severe winter weather conditions," said Donald W. Slager, president and chief executive officer. "We continued to see positive momentum in our business, which was consistent with our expectations. We generated strong free cash flow in the first quarter and returned approximately $226 million to shareholders through share repurchases and dividends."
Excluding certain expenses and benefits recorded during the three months ended March 31, 2014 and 2013, as described in the Reconciliation of Certain Non-GAAP Measures section of this document, adjusted earnings before interest, taxes, depreciation, depletion, amortization and accretion (adjusted EBITDA) for the three months ended March 31, 2014, would have been $574.8 million, or 27.7 percent of revenue, compared to $569.3 million, or 28.5 percent of revenue, for the comparable 2013 period.
Revenue for the three months ended March 31, 2014, increased to $2,073.7 million from $1,998.6 million for the comparable 2013 period. This increase in revenue of 3.8 percent was made up of increases in average yield of 1.2 percent, fuel recovery fees of 0.1 percent, volume of 1.5 percent, recycled commodities of 0.4 percent and acquisitions, net of divestitures of 0.6 percent. Company Declares Quarterly Dividend Republic also announced that its Board of Directors declared a regular quarterly dividend of $0.26 per share for stockholders of record on July 1, 2014. The dividend will be paid on July 15, 2014. About Republic Services Republic is an industry leader in the U.S. non-hazardous solid waste and recycling industry. Through its subsidiaries, Republic's collection companies, transfer stations, recycling centers and landfills focus on providing reliable environmental services and solutions for commercial, industrial, municipal and residential customers. Republic and its employees believe in protecting the planet and applying common sense solutions to customers' waste and recycling challenges. Republic participates in investor presentations and conferences throughout the year. Interested parties can find a schedule of these conferences at republicservices.com by selecting "Calendar" on the investor relations page. Audio and other presentations from earnings calls and investor conferences are also available on the investor relations page of the website.
SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION
AND OPERATING DATA
REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
March 31,
December 31,
2014
2013
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
175.8
$
213.3
Accounts receivable, less allowance for doubtful accounts of $37.1 and $38.3, respectively
