Downers Grove, IL, August 01, 2006--ServiceMaster Co., reported second quarter net income of $77.14 million or $0.26 per share, compared to $79.8 million or $0.27 per share in the same quarter last year.
Excluding items, income from continuing operations totaled $78.5 million or $0.26 per share, compared to 75.4 million or $0.25 per share in the second quarter of 2005.
Operating revenues for the quarter rose to $1.02 billion from $70.6 million in the comparable quarter a year-ago.
On average, 7 analysts polled by First Call/Thomson Financial expected earnings of $0.25 per share, while 6 analysts' consensus revenue estimate was $1.03 billion for the second quarter.
The company continue to expect revenue growth to be in the mid-single digit range and growth in earnings per share from continuing operations before restructuring charges in the low double digits for 2006, with relatively strong fourth quarter results providing a good foundation as we head into 2007.
The company declared a third quarter 2006 cash dividend of $0.12 per share payable on August 31, 2006 to shareholders of record on August 14, 2006. This represents a 9% increase from the $0.11 per share paid in last year's third quarter.
The company also announced its intention to increase its targeted share repurchases for the second half this year to over $100 million, more than double the amount previously anticipated for that period. When combined with first quarter activity, this would result in approximately $150 million of total share repurchases for 2006.
