February 27, 2015
Progressive Waste Solutions Ltd. posted mixed results for its fourth quarter and year.
The Vaughan, Ontario-based waste and recycling firm said for the quarter ended Dec. 31 net income fell 47.8 percent to $18.9 million, or 17 cents per diluted share, compared with $36.2 million, or 31 cents per diluted share, in the year-ago period.
Revenue rose 0.5 percent to $504.6 million from $502 million, according to a news release.
For the year Progressive Waste’s net earnings climbed 7.2 percent to $126.5 million, or $1.10 per diluted share, compared with $118 million, or $1.02 per diluted share, a year earlier. Revenue dropped 0.8 percent to $2.01 billion from $2.03 billion.
"2014 was a transformational year for Progressive Waste Solutions as we demonstrated significant progress on our strategic plan to be a best-in-class operator in the waste services industry," said Joseph Quarin, Progressive president and CEO. "We put in place a great team that led Progressive Waste Solutions to achieve record results with strong growth in revenue, adjusted net income per share and free cash flow, on a constant currency basis, exceeding the guidance we provided at the beginning of the year.”
Progressive Waste’s 2015 outlook includes the divestiture of Long Island operations revenue, representing about $90 million, and acquired assets of about $50 million. It also reflects the current softness in recycled commodity prices and the impact of lower oil prices on energy-sensitive markets. The company expects solid improvement in revenue and earnings before interest, taxes, depreciation and amortization (EBITDA).