Progressive Waste Posts Stronger Profits but Lower Revenue in Period

Allan Gerlat, News Editor

July 25, 2014

1 Min Read
Progressive Waste Posts Stronger Profits but Lower Revenue in Period

Progressive Waste Solutions Ltd. reported stronger earnings but lower revenue for its second quarter and first half.

The Vaughan, Ontario-based Progressive said for the period ended June 30 net income climbed 28 percent to $40.9 million, or 36 cents per diluted share, compared with $32.3 million, or 28 cents per share, in the year-ago period.

Revenue declined 0.6 percent to $513.5 million from $516.8 million in 2013, according to a news release.

For the first half, net profits rose 8 percent to $66.8 million, or 58 cents per diluted share, compared with $61.6 million, or 54 cents per diluted share, a year earlier. Revenue dropped 2 percent to $983.3 million from $1 billion in 2013.

"We performed well on many measures in the second quarter, and we are making progress on several components of the strategic plan we initiated to improve EBITDA (earnings before interest, taxes, depreciation and amortization) margins and free cash flow through operational excellence," said Joseph Quarin, Progressive president and CEO.

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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