Progressive Income, Sales Climb in 3rd Quarter

Progressive Waste Solutions Ltd. posted higher net income and revenue for its third quarter.

For the period ended Sept. 30 adjusted net income rose 8 percent to 35.1 million, or 29 cents per diluted share, compared to $32.5 million, or 27 cents per diluted share, in the comparative 2010 period.

Revenue increased 12.4 percent to $490.5 million to $436.3 million in the third quarter of 2010, the company said in a news release.

"We achieved solid year-over-year growth in the third quarter … driven by organic improvement and contributions from acquisitions," said Keith Carrigan, vice chairman and chief executive officer of Progressive. "We saw stability in our U.S. south segment and strength in our Canadian operations, where economic conditions have remained relatively resilient in certain markets we serve.”

He added, however, that economic struggles in parts of the Northeast led to lower pricing.

For the nine-month period adjusted net income rose nearly 29 percent to $97 million, or 80 cents per diluted share, compared with $75.2 million, or 72 cents per share, a year ago.

Revenue for the nine months rose 38 percent to $1.38 billion, compared to revenue of $999.9 million a year ago.

"For the balance of 2011, we expect to perform in line with our plans for our Canadian and U.S. south segments but anticipate continued weakness in the U.S. Northeast,” Carrigan said.