Republic Services Profit Soars on Acquisition

Trash-hauling company Republic Services(RSG Quote) announced today that it nearly doubled its first-quarter profit, buoyed by its recent acquisition of Allied Waste Industries.

During the quarter, the company earned $113 million, or 30 cents per share, compared with $76.1 million, or 41 cents per share, a year ago.

Revenue jumped to $2.06 billion from $779.2 million last year.

Republic Services bought rival Allied Waste in December, creating the industry's second-largest company, behind rival Waste Management(WMI Quote).

Republic Services also declared a regular quarterly dividend of 19 cents, which will be paid on July 15 to shareholders of record July 1.

Shares of the company shot up 8% to $22.62.

On Wednesday, Waste Management announced that its first-quarter earnings declined 36%, as industrial and commercial customers declined.