Republic Services Earnings: Pricing Remains Robust Despite Lagging Volumes

Wide-moat-rated Republic Services reported third-quarter operating results in line with our estimates, as sales and operating income were within 1% of our projections. Management increased full-year adjusted EPS guidance by 2% to $5.48 per share (midpoint) due to a lower-than-anticipated tax rate while leaving guidance unchanged for sales, adjusted EBITDA, and free cash flow. We've increased our fair value estimate to $129 per share from $127 due to the time value of money.