Progressive Waste Q2 Net Profit Advances - Quick Facts

(RTTNews) - Progressive Waste Solutions Ltd. (BIN, BIN.TO), a company that collects and recycles solid waste, Friday reported a rise in second-quarter earnings, as a higher gain on sale of capital and landfill assets overshadowed a decline in revenues.

The company, however, raised its annual revenue guidance to the high end of outlook range, on account of higher-then-expected revenues as well as a new residential contract win in the US south. On the other hand, the company projected full-year adjusted EBITDA to be in the lower end of outlook range due to unfavorable weather and higher operating costs in the first half.

For the 3-month period, net earnings increased to $40.85 million or $0.36 per share, from $32.29 million or $0.28 per share a year ago.

Excluding certain items, earnings totaled $47.2 million or $0.41 per share, compared with $35.3 million or $0.31 per share a year earlier.

On average, thirteen analysts polled by Thomson-Reuters estimated the company's earnings to be $0.26 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues declined by 0.6 percent to $513.5 million, from $516.8 million last year, but still above the $511.68 million that Wall Street expected.

Excluding a $13 million impact due to currency fluctuations, revenues increased by 1.9 percent. Organically, revenues increased by 2 percent on higher higher collection and disposal pricing.

The board recommended a quarterly dividend of C$0.16 per share, payable on October 15 to shareholders of record on September 30.