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REFILE-Waste management firm Republic Services beats profit estimates on price hikes

Reuters
·1-min read

(Adds dropped word "share" in paragraph 2)

April 30 (Reuters) - Republic Services reported first-quarter profit above Wall Street estimates on Tuesday, as it benefited from price hikes amid sustained demand for waste collection and disposal.

The waste management firm reported a profit of $1.44 per share, 9 cents above analysts' estimates, according to LSEG data, due to "continued pricing in excess of cost inflation.

First-quarter revenue of $3.86 billion was 7.8% higher than last year, with the company having raised prices by 7% on its services, even as volumes decreased by nearly 1% year-on-year.

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Republic Services and WM are the two leading companies in the U.S. waste services industry. Along with municipal waste departments, they dominate garbage collection from residences in the country.

Shares of the company were up about 1% in trading after the bell.

(Reporting by Pratyush Thakur and Ananta Agarwal in Bengaluru; Editing by Mohammed Safi Shamsi)