Republic Services 3Q profit jumps 36 percent

Republic Services 3rd-qtr profit jumps but per-share results drop on higher number of shares

• On 6:07 pm EST, Monday November 2, 2009

PHOENIX (AP) -- Republic Services Inc. said Monday its third-quarter profit jumped 36 percent as results included a boost from its acquisition of Allied Waste Industries Inc., but per-share profit fell as the number of outstanding shares more than doubled.

The trash collector raised its estimate for full-year profit by 3 cents per share to a range above Wall Street's consensus. It said it would earn $1.46 to $1.48 per share, while analysts polled by Thomson Reuters expect $1.46 per share.

The company, based in Phoenix, earned $120.5 million in the quarter that ended Sept. 30, higher than the $88.7 million a year earlier. But its per-share profit fell to 32 cents per share in the most recent quarter from 48 cents the year before. It had about 380 million shares outstanding as of Sept. 30, up from 182 million last year.

During the quarter, Republic Services said one-time costs included $31.8 million for paying down of debt, $12.3 million in restructuring costs and another $8.9 million to "achieve synergies," among other costs. In addition, it had an $8.8 million gain from an insurance recovery.

Adjusted profit of 39 cents per share beat a 36 cent per share estimate of analysts.

Revenue more than doubled to $2.07 billion, up from $834 million, to match an analyst prediction.

The company's board also declared a 19 cent dividend.

Republic's shares fell 4 cents to $26.09 in after-hours trading after closing Monday at $26.13, up 22 cents from a day earlier.

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