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IESI-BFC's Profit Soars in Fourth Quarter

TAGS: Financials
After purchase of Waste Services, IESI-BFC sees its profit soar in fourth quarter

Toronto-based IESI-BFC Ltd. posted a net income of $21.7 million on $429.9 million in revenue during the fourth quarter of 2010. Both figures represent significant jumps from the same period in 2009, when IESI-BFC posted a net income of $9.9 million on $262.5 million in revenue.

IESI-BFC officials attribute the increased figures in part to the acquisitions the firm completed last year, such as its July 2010 purchase of Burlington, Ontario-based Waste Services. Another notable acquisition by IESI-BFC in 2010 was the $159 million purchase of the collection, transfer and landfill assets of Fred Weber Inc. in December. Among the assets included in that transaction was the Fred Weber Landfill, one of the largest remaining privately owned landfills in the United States, and the largest landfill in the state of Missouri by volume. The estimated remaining lifespan of the landfill is 80 years.

For all of 2010, IESI-BFC posted a net income of $82.2 million on revenue of $1.43 billion in revenue. In 2009, the firm posted a net income of $53.7 million on revenue of $1.01 billion.

“In our existing business, we achieved organic revenue growth of 6.7 percent through our bottom-up focus on price, volume and productivity,” said Keith Carrigan, CEO of IESI-BFC. “As a result, we enhanced our performance across the board in 2010 and set new milestones for key benchmarks.”

As for 2011, IESI-BFC’s outlook is positive: the firm is projecting a 25.9 percent increase in revenue when compared with 2010.