Republic Services Profit Soars on Acquisition
Trash-hauling company
Republic Services
(RSG) - Get Republic Services, Inc. Report
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.
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Republic Services bought rival Allied Waste in December, creating the industry's second-largest company, behind rival
Waste Management
( WMI).
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.
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