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.