Progressive Waste Posts Stronger Results for Quarter, Year

Progressive Waste Solutions Ltd. posted financial increases for the fourth quarter and year in 2013, aided by core price improvements.

The Vaughan, Ontario-based waste and recycling firm said for the quarter ended Dec. 31 net earnings more than tripled to $36.2 million, or 31 cents per share, compared with $11.8 million, or 10 cents per share, in the 2012 period.

Revenue for the period rose 1.2 percent to $502 million from $495.8 million a year earlier, according to a news release.

For 2013, net income climbed 25 percent to $118 million, or $1.02 per share, compared with $94.4 million, or 81 cents per share. Revenue increased 6.8 percent to $2.03 billion from $1.9 billion a year ago.

"With our fourth-quarter results, we achieved a solid finish to the year, in line with or better than our expectations,” said Joseph Quarin, Progressive president and CEO. “Our consolidated core price improvement of 1.6 percent reflects the focused sales execution we are applying across our collection, transfer and disposal service lines, and which helped to offset the impact of lower volumes due to the unusually harsh weather in December."

The company also restructured its operations in 2013 and made several senior management changes to begin 2014.

For 2014, Progressive Waste gives guidance of between $528 million to $538 million for earnings before interest, taxes, depreciation and amortization (EBITDA), and revenue of between $1.99 billion to $2.01 billion.