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Net Income Drops 22 Percent for Progressive Waste

Allan Gerlat

July 26, 2012

1 Min Read
Net Income Drops 22 Percent for Progressive Waste

Progressive Waste Solutions Ltd. reported a 22-percent decline in net income, hurt by weak commodity prices and waste volumes in the northeast United States.

The Vaughan, Ontario-based company said in a news release its net earnings fell to $28.4 million, compared with $36.6 million in the year-ago period. Revenue rose 1.3 percent to $475.4 million for the period ended June 30, compared with $469.5 million in 2011.

For the first half, net income fell 16 percent to $50.4 million compared with $59.7 million a year ago. Revenue increased 2.4 percent to $913.7 million from $892.4 million.

"In the second quarter, I am pleased that our core business continued to demonstrate resilience in the face of this challenging economic environment,” said Joseph Quarin, Progressive vice chairman and CEO. As for the struggling business in the northeast United States he said, “We are executing on plans that we expect will improve our financial results … going forward.”

He said the company is on track to meet the lower end of its guidance for the year with revenue at $1.88 billion and earnings before interest, tax and amortization (EBITA) of $535 million.

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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