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10-QPeriod: Q3 FY2013

REPUBLIC SERVICES, INC. Quarterly Report for Q3 Ended Sep 30, 2013

Filed November 1, 2013For Securities:RSG

Summary

Republic Services, Inc. (RSG) reported its third-quarter results for the period ending September 30, 2013. The company demonstrated revenue growth, with net revenue increasing by 5.8% year-over-year for the quarter and 3.1% for the first nine months of the year, driven by improvements in average yield, volume, and pricing. Net income attributable to Republic Services, Inc. for the quarter was $171.4 million, or $0.47 per diluted share, compared to $152.7 million, or $0.42 per diluted share, in the prior year. The company highlighted significant remediation charges related to the Bridgeton Landfill, which impacted earnings. However, adjusted earnings per share for the quarter showed a more robust performance. Republic Services also continued its focus on capital allocation, with substantial share repurchases and dividend payments. Key operational highlights include progress in converting to compressed natural gas (CNG) vehicles and investments in recycling infrastructure. The company's financial position remains solid, with ample availability under its credit facilities.

Financial Highlights

54 data points
Beta

Revenue

$2.17B

0.4% Gross Margin

Net Income

$171.40M

0.1% Net Margin

EPS (Diluted)

$0.47

Total Assets

$19.83B

Cash & Equivalents

$97.30M

Free Cash Flow

$148.80M

Financial Statements
Beta
Revenue$2.17B
Cost of Revenue$1.32B
Gross Profit$847.80M
SG&A Expenses$209.60M
Operating Income$352.30M
Interest Expense$90.00M
Net Income$171.40M
EPS (Basic)$0.47
EPS (Diluted)$0.47
Shares Outstanding (Basic)361.67M
Shares Outstanding (Diluted)363.00M

Key Highlights

  • 1Revenue for the third quarter of 2013 increased by 5.8% to $2,165.4 million, compared to $2,046.9 million in the prior year's third quarter.
  • 2Net income attributable to Republic Services, Inc. for the third quarter was $171.4 million, or $0.47 per diluted share, an increase from $152.7 million, or $0.42 per diluted share, in the same period last year.
  • 3The company incurred significant charges related to the Bridgeton Landfill remediation, impacting reported net income.
  • 4Republic Services continued its share repurchase program, buying back 2.3 million shares for $78.5 million in the third quarter.
  • 5Operational improvements include progress in fleet conversion to compressed natural gas (CNG) and investments in recycling infrastructure.
  • 6The company maintained strong availability under its credit facilities, with $1,543.3 million available as of September 30, 2013.

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