Progressive Waste’s Net Income Doubles in Third Quarter

Progressive Waste Solutions Ltd.’s net income doubled in its third quarter.

The Vaughan, Ontario-based waste and recycling company said for the period ended Sept. 30 that its net earnings totaled $40.8 million in 2014, compared with $20.1 million in 2013.

Revenue increased 0.1 percent to $521.2 million from $520.7 million a year earlier, according to a news release. Revenues were bolstered by higher overall pricing and volumes. The results were partially offset by lower recycled commodity pricing, fuel surcharges and divestitures.

For the nine-month period net profits climbed 31.7 percent to $107.6 million, compared with $81.7 million in 2013. Revenue, however, declined 1.3 percent to $1.5 billion from $1.52 billion a year ago.

"The third quarter financial results demonstrate the continued progress we are making on our strategic and operational initiatives, with improvement across all of our key financial measures,” said Joseph Quarin, president and CEO of Progressive Waste. "We continue to see results as we implement the key components of our strategic plan, including the conversion of our fleet to automated and compressed natural gas (CNG) trucks. We look forward to a solid full-year performance which will establish a strong foundation for continued revenue growth and margin expansion in 2015."

Quarin added that company is considering the potential divestiture of certain assets in the Northeast United States “that will enable the company to fully realize and redeploy the value of its assets.”