Waste Management Inc.

Republic Services 1Q Profit Falls 9.7% On Weak Volume; CFO To Retire

DOW JONES NEWSWIRESRepublic Services Inc.

's (RSG) first-quarter profit fell a steeper-than-expected 9.7% on nearly flat volume and challenging market conditions, which prompted the trash hauler to lower its full-year earnings guidance.The company Thursday also said its longtime chief financial officer will retire in a year as it dropped its adjusted earnings view for 2012 by 12 cents, to $1.86 to $1.90 a share, to reflect higher costs and other challenging business conditions.Finance chief Tod C. Holmes, 63, plans to retire in May 2013 after working for the company since 1998. Republic said it has a succession plan in place and expects to complete a smooth transition over the next year.Republic, the second-largest U.S. trash hauler behind Waste Management Inc. (WM), had posted stronger results during the latter half of 2011 by eking out small revenue increases.Moody's Investors Service has said the U.S. waste-disposal industry is facing pressure on pricing growth and volume amid renewe...

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