Quite a Jump

IESI-BFC Ltd.'s revenues increase by 63 percent in third quarter.

Toronto-based IESI-BFC Ltd. posted a net income of $23.9 million on $436.3 million in revenue during the third quarter of 2010. During the same period in 2009, the firm posted a net income of $19.1 million on $268.4 million in revenue.

The nearly 63 percent increase in revenue stems in part from the firm's recent acquisition of Waste Services Inc. (WSI).

"The third quarter brought about a significant change to our company's operating and financial profile with our successful acquisition of WSI," said Keith Carrigan, vice chairman and CEO of IESI-BFC, in a statement. "We have been extremely pleased with the contributions from WSI's people and assets to our third quarter results, and we are even more confident than we were a quarter ago that we will realize the upper end of our expected synergies."

For the first nine months of 2010, IESI-BFC posted a net income of $60.5 million on $1 billion in revenue. During the same period in 2009, the firm posted a net income of $43.8 million on $746 million in revenue.

In other company financial news, Houston-based WCA Waste Corp. posted a net loss of $355,000 on $59.3 million in revenue during third-quarter 2010. During the same period in 2009, the firm posted a net loss of $250,000 on $49.5 million in revenue.

For the first nine months of this year, WCA Waste Corp. posted a net loss of $2 million on $171.9 million in revenue. During the same period in 2009, the firm posted a net loss of $969,000 on $147.9 million in revenue.

TAGS: Financials