Progressive Waste’s Earnings Climb in Second Period

Progressive Waste Solutions Ltd.’s net income and revenue climbed in its second quarter as it benefited from acquisitions and an increase in core collection and transfer price.

The Vaughan, Ontario-based Progressive Waste said for the quarter ended June 30 net earnings climbed 14 percent to $32.3 million, or 28 cents per diluted share, compared with $28.4 million, or 24 cents per diluted share, in the year-ago period.

Revenue for the latest period rose 8.7 percent to $516.8 million compared with $475.4 million in the 2012 second quarter, according to a news release.

For the first six months the company’s net income advanced 22 percent to $61.6 million, or 54 cents per diluted share, compared with $50.4 million, or 43 cents per diluted share, in the 2012 period.

Revenue increased 9.8 percent to $1 billion compared with $913.7 million a year ago.

“We benefited from acquisitions completed in 2012, as well as solid consolidated organic growth of 1.5 percent,” said Joseph Quarin, Progressive vice chairman and CEO. “Core price increased across our collection and transfer and disposal service lines in our U.S. and Canadian operations, and we experienced a notable improvement in industrial collection volumes, which increased 8 percent on a consolidated basis.”

Because of the weakening Canadian dollar, Progressive Waste is revising down its guidance for the year. Net income per diluted share now is targeted at $1.09 to $1.14, compared with $1.02 to $1.06 previously.