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Progressive Waste Records Mixed Results for 2014Progressive Waste Records Mixed Results for 2014

Allan Gerlat

February 27, 2015

1 Min Read
Progressive Waste Records Mixed Results for 2014

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).




About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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