Progressive Waste Sees First Quarter Profits Decline

Progressive Waste Solutions Ltd. reported a decline in net income of 4.5 percent for its initial quarter.

The Vaughan, Ontario-based Progressive Waste posted net earnings for the period ended March 31 of $22.1 million, or 19 cents per diluted share, compared with $23.1 million, or 19 cents per diluted share, in the year-ago quarter.

Revenue increased 3.7 percent to $438.3 million compared with $422.9 million in the first quarter of 2011, the company said in a news release.

"The results of our first quarter were in line with our expectations, and our performance is on track with our outlook for 2012,” said Joseph Quarin, Progressive Waste vice chairman and CEO. “Our 2012 guidance anticipated lower comparative first quarter results due in large part to the rollover impact of the weak economic environment in the U.S. Northeast that we faced in the latter part of 2011.”