Waste management giant Republic Services, Inc. (
) late Thursday posted a sharp downturn in third quarter earnings,
cut its full-year forecast, and provided a 2013 outlook that was
well below Wall Street's view.
The Phoenix-based company reported third quarter net income of
$152.7 million, or 42 cents per share, compared with $193.5
million, or 52 cents per share, in the year-ago period. Excluding
special items, adjusted profit was 47 cents per share.
Revenue fell 3.3% from last year to $2.05 billion.
On average, Wall Street analysts expected a higher profit of 48
cents per share, on larger revenue of $2.1 billion.
Looking ahead, RSG cut its full-year 2012 earnings forecast to a
range of $1.85 to $1.87 per share, down from a prior estimate of
$1.91 to $1.93. For the full year 2013, RSG expects $1.90 to $1.92
per share, which would badly miss analysts' view of $2.05 per
Republic Services shares were mostly flat in premarket trading
Republic Services, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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