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Republic 2Q results soar
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July 30, 1998: 8:38 a.m. ET
Auto retailer boosts profits 80 % from year-ago period on 74 % revenue gain
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NEW YORK (CNNfn) - Republic Industries Inc. reported second-quarter earnings of $127.4 million, an 80-percent increase from the same period a year ago.
Republic, a Fort Lauderdale, Fla.-based automotive and solid-waste company, said its earnings equaled 27 cents per share, in line with First Call consensus estimates.
The company said its earnings represented an 80 percent boost from last year's second quarter, when it logged a profit of $70.9 million, or 17 cents a share.
Republic also said its revenue increased 74 percent, to $4.4 billion from $2.5 billion in the year-ago quarter.
"During the second quarter, the automotive retail group made significant strides in leveraging its operations, resulting in operating margins of 3.3 percent versus 1.1 percent last year," said Steven Berrard, Republic president and co-chief executive officer. "Our automotive rental operations experienced strong revenue growth during the quarter. However, operating income results were impacted by weakness in the leisure segment."
For the first six months of 1998, Republic earned $204.5 million, or 44 cents a share, on $7.8 billion in revenue, compared with 1997 first-half profits of $106.9 million, or 25 cents a share, on $4.5 billion in revenue.
Republic, which owns National Car Rental System Inc. and Alamo Rent-A-Car Inc., is headed by entrepreneur H. Wayne Huizenga
Republic (RII) shares closed at 23-7/8, down 1/16 in Wednesday trading. 
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