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Republic Services reports quarterly earnings growth amid revenue decline

Republic Services Inc. said its net income for the second quarter came in at $234.9 million, or 71 cents per share, up from $202.9 million, or 60 cents per share, reported in the same period last year.

EPS of 71 cents for the second quarter fell short of the S&P Capital IQ consensus estimate of 74 cents on a GAAP basis.

The U.S. waste disposal company said its revenue for the quarter that ended June 30 was $2.52 billion, down from $2.53 billion in the second quarter of fiscal year 2017.

Cost of operations stood at $1.58 billion in the second quarter, up from $1.56 billion.

Operating income fell to $408.2 million from $425.5 million.

The company raised its dividend for the quarter by 3 cents to 37.5 cents per share for shareholders of record Oct. 1, payable Oct. 15.

Net income for the six-month period ending June 30 came in at $472.6 million, or $1.43 per share, compared to net income of $390.7 million, or $1.15 per share, a year ago.