ADS Waste Holdings, Inc., the operating firm of Advanced Disposal, posted a net loss for its second quarter and first half, though smaller than a year earlier.
Here are the highlights of the financial results from the Ponte Vedra, Fla.-based waste and recycling firm.
- ADS Waste recorded a net loss of $8.5 million for the latest quarter, ended June 30. That compares with a net loss a year ago of $15.4 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $97.3 million compared with $96.2 in the 2014 period.
- Revenue for the company slipped 1.3 percent to $355.2 million from $359.9 million a year earlier, according to a news release.
- For the first half ADS also posted a loss smaller than a year earlier. The net loss for first six months totaled $19.3 million compared with $34.7 million a year earlier.
- Revenue for the first half climbed 0.7 percent to $685.5 million from $681.1 million.
- During the quarter Advanced Disposal achieved pricing gains of 2.5 percent. Hurting the results were lower special waste volumes and commodity prices.
- CEO Richard Burke’s take: "Our team is focused on generating profitable growth and enhancing operating cash flows. During the quarter, we divested of some lower margin business and redeployed that capital in more profitable markets, which is consistent with our strategy of building strong competitive operations in the vertically integrated markets we serve. These efforts, coupled with maintaining pricing discipline and controlling costs over the long-term, continue the momentum that we have demonstrated over the last five quarters."
- Advanced Disposal announced three hauler acquisitions in June, bringing the total to seven for the year. It purchased Smethport, Pa.-based CF Burdick Trucking; Decatur, Ill.-based Ross Disposal Services; and Disposal Management Systems Inc., based in Schaumburg, Ill. The company said it has acquired nearly $30 million in tuck-ins in 2015.
- Advanced Disposal is the last major waste hauler to disclose financial results for the second quarter. Leone Young, in her latest Business Insights column, summed up that across the board company executives see an improving economic environment that drove generally higher volumes. But Progressive Waste Solutions Ltd., Waste Connections Inc. and Clean Harbors Inc. all posted lower net earnings than the previous year. Conversely, Waste Management Inc. and Republic Services Inc. posted higher net profits. Casella Waste Systems Inc. turned a small profit following a loss in 2014.