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Progressive Waste profit falls on lower prices
July 25, 2012 / 11:50 AM / 5 years ago

Progressive Waste profit falls on lower prices

* Q2 EPS $0.24 vs $0.30 year ago

* Revenue rose 1 pct to $475.4 mln

July 25 (Reuters) - Canadian waste management company Progressive Waste Solutions Ltd said quarterly profit fell 23 percent on lower prices for recycled commodities, and forecast full-year revenue and core earnings at the lower end of its previous estimates.

Progressive Waste, which sells recycled wastes and operates several landfills in the United States, had forecast full-year revenue of between $1.88 billion and $1.91 billion and an adjusted EBIDTA of between $535 million and $550 million.

Net profit fell to $28.4 million, or 24 cents per share, for the second quarter from $36.6 million, or 30 cents per share, a year earlier.

Revenue rose 1 percent to $475.4 million.

Operating expenses rose 23 percent to $286,878.

Progressive Waste, which provides non-hazardous solid waste collection and disposal services in over 12 states in the United States and in six Canadian provinces, said it lost $6.4 million in revenue on lower recycled commodity prices.

Analysts on average had expected earnings of 27 cents per share on revenue of $476.5 million, according to Thomson Reuters I/B/E/S.

Shares of the Toronto-based company, which has a market value of C$2.23 billion, closed at C$19.25 on Tuesday on the Toronto Stock Exchange. (Reporting By Krithika Krishnamurthy in Bangalore; Editing by Don Sebastian)

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