Progressive Waste Solutions Ltd. returned to the black in net earnings for its fourth quarter and year, as acquisitions and the strength of its core operations overcame lower recycled commodity prices.
For the quarter ended Dec. 31, the Vaughan, Ontario-based Progressive Waste recorded net income of $11.8 million, or 10 cents per diluted share, compared with a loss of $296.2 million, or $2.48 per share, in the 2011 period. Revenue climbed 8.4 percent to $495.8 million compared with $457.2 million, according to a news release.
For the year, Progressive Waste’s net profits climbed to $94.4 million, or 81 cents per diluted share, compared with a 2011 loss of $196.1 million, or $1.63 per share. Revenue rose 3.1 percent to $1.9 billion compared with $1.84 million a year earlier.
The company completed 19 strategic tuck-in acquisitions in 2012 and that, along with the strength of its collection, transfer and disposal operations, offset a 1.6-percent decline in recycled commodity prices for the year.
“In 2013, we are well positioned for growth with a strengthened network of integrated assets and the market-focused strategies to continue to execute our operating model and drive value on these assets,” said Joseph Quarin, vice chairman and CEO of Progressive Waste.
For 2013, the company estimates adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to be $545 million to $555 million.