Republic sees earnings drop in second quarter of 2010

July 30 -- Republic Services Inc. saw earnings drop during the second quarter compared to the same period last year when results were aided by proceeds from the sale of assets due to its merger with Allied Waste Industries Inc.

Republic Services earned $159.7 million, or 42 cents per diluted share, on revenue of $2.066 billion for the quarter ended June 30.That compares to earnings of $225.9 million, or 59 cents per diluted share, on revenue of 2.066 billion for last year´s second quarter.

"I am very pleased with the company´s progress through the first half of 2010," CEO James E. O´Connor said. "We have successfully integrated two large companies and have secured substantial synergy savings. The company is well positioned to take advantage of an improving economy and return cash to our stockholders."

Republic Services also approved a 5% increase in its quarterly dividend to 20 cents per share. The dividend will be paid on Oct. 15 to shareholders of record on Oct. 1, the company said.

Contact Waste & Recycling News senior reporter Jim Johnson at 937-964-1289 or jpjohnson@crain.com