Republic Services Cuts Outlook as Q3 earnings Fall 21% (RSG)
Waste management giant Republic Services, Inc. ( RSG ) 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 share.
Republic Services shares were mostly flat in premarket trading Friday.
Republic Services, Inc. ( RSG ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.