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Progressive Waste off to slow start for 2014

Vaughan, Ontario-based Progressive Waste has reported that its net income fell 11.6 per cent to $25.9 million compared with $29.3 million in the 2013 period.


Vaughan, Ontario-based Progressive Waste has reported that its net income fell 11.6 per cent to $25.9 million compared with $29.3 million in the 2013 period.

Revenue dropped 3.5 per cent to $469.8 million from $486.6 million in 2013, the company stated.

“In the first quarter of 2014, we continued to make progress on our operational plan, despite challenging weather conditions, and, given the resumption of normal seasonal activities in April, we are reaffirming our outlook on all measures that we provided for 2014,” said Joseph Quarin, Progressive Waste president and CEO, in a statement.

  • Consolidated revenues of $469.8 million in the first quarter, a decline of 3.5%. Excluding a negative $15.7 million in foreign currency translation, consolidated revenues were flat despite contributions from Super Storm Sandy in the year-ago period and harsh weather conditions in the current period
  •  Consolidated price improvement of 1.9%, driven by strong pricing in commercial and industrial service lines
  •  Adjusted EBITDA(A) of $112.9 million and adjusted operating income or adjusted operating EBIT(A) of $42.6 million
  •  Free cash flow(B) of $48.7 million, up 8.6%. Excluding internal infrastructure investments, free cash flow(B) of $54.7 million
  • Reported and adjusted net income per share(A) of $0.23 and $0.21, respectively

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