Toronto-based IESI-BFC Ltd. posted a net income of $16.7 million on revenue of $264 million during the first three months of 2010. During the first quarter of 2009, the firm posted a net income of $9.6 million on revenue of $224 million.
“We are encouraged by our revenue growth and overall operating performance in the first quarter of 2010, driven by strong core price and volume growth, as well as higher recycled commodity prices,” said Keith Carrigan, vice chairman and CEO of IESI-BFC Ltd., in a press release. “We enjoyed strong comparative growth on all of our performance measures including adjusted EBITDA, operating income, net income, earnings per share and free cash flow. These results are even more remarkable considering the challenge of inclement weather we faced in our U.S. south and northeast regions this quarter.”
“We attribute our ability to generate these results to our presence in densely populated markets, bottom-up management style, and focus on balancing price and volume growth in each of the markets we serve,” Carrigan added. “These results couldn't be achieved without the right combination of people and assets. With our first-quarter results in hand, we are confident that we are on course to deliver on our expectations for 2010.”