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Republic operations gain
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January 28, 1999: 3:02 p.m. ET
Car dealer, trash hauler meets estimates with 4Q operating income
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NEW YORK (CNNfn) - Republic Industries, Inc., a prime consolidator of the nation's car rental and trash-hauling industries, boosted its fourth-quarter operating results - matching analysts' expectations.
However, net income declined in the quarter from year-earlier results, primarily due to $230 million in income from discontinued operations in the 1997 period.
The Fort Lauderdale, Fla.-based company, headed by the Miami tycoon Wayne Huizenga, posted operating income for the quarter of $103.7 million, or 22 cents a diluted share. That's up from $66.9 million, or 15 cents, a year earlier and matches the consensus of analysts surveyed by First Call.
Including results from discontinued operations in both periods and a restructuring charge in 1997, Republic's fourth-quarter net declined to $115.3 million, or 24 cents a diluted share, from $201.2 million, or 47 cents.
Republic has been on a frenetic pace of buyouts in the automotive sector while paring off the trash-hauling division into the spinoff Republic Services (RSG).
The company said the highlight of the quarter was its integration of an auto dealership chain once owned by Denver Broncos quarterback John Elway.
For the year, Republic posted net income of $499.5 million, or $1.06 per share, compared with $439.7 million, or $1.02 per share. Revenue grew 70 percent to $17.49 billion.
Shares of Republic Industries (RII) were up 9/16 to 15-13/16 in Thursday afternoon trading. 
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Republic Industries
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