IESI-BFC’s Earnings Spike in Fourth-Quarter 2010

Toronto-based IESI-BFC Ltd. posted a net income of $21.7 million on $429.9 million in revenue during the fourth quarter of 2010. Both figures represent significant jumps from the same period in 2009, when IESI-BFC posted a net income of $9.9 million on $262.5 million in revenue.

IESI-BFC officials attribute the increased figures in part to the acquisitions the firm has completed within the past year, such as its July 2010 purchase of Burlington, Ontario-based Waste Services.

For all of 2010, IESI-BFC posted a net income of $82.2 million on revenue of $1.43 billion in revenue. In 2009, the firm posted a net income of $53.7 million on revenue of $1.01 billion.

“In our existing business, we achieved organic revenue growth of 6.7 percent through our bottom-up focus on price, volume and productivity,” said Keith Carrigan, CEO of IESI-BFC. “As a result, we enhanced our performance across the board in 2010 and set new milestones for key benchmarks.”