Strongest Quarter in Six Years for Waste Management
Waste Management, Inc. (NYSE: WMI), not to be outdone by its rivals, also reported solid third quarter gains. For the period ended September 30, 2006, revenues increased by 2% to $3.44 billion from $3.38 billion a year ago. Net income grew a much more substantial 45% to $300 million (or $0.55 per share) from $215 million (or $0.38 per share) in the third quarter last year. CEO David Steiner noted that this was the best operational quarter he had seen in his six years with the company. He attributed the margin expansion and strong free cash flow to the success of pricing initiatives despite a slight 1.8% decline in volumes...Read More »
Apex Fire Probably Started In Chlorinated Chemical Storage Area
Investigators working for the U.S. Chemical Safety Board have concluded that EQ Industrial Services' hazardous waste storage plant fire in Apex, NC most likely started where chlorinated chemicals were stored. A lack of physical evidence precludes definitive conclusions however. The fire on October 5th quickly grew out of control, lighting up the sky with explosions and blanketing parts of the town in a yellow-green haze...Read More »
Republic Reports Strong Third Quarter and Increases Guidance
Republic Services (NYSE: RSG) joined the pantheon of waste companies to report recent strong financial results. For the third quarter, ended September 30, 2006, the company said revenues grew by nearly 8% to $787.1 million from $730 million in the same period last year. Even more substantial, net income grew by 29% to $77.3 million (or $0.58 per share) from $63.8 million (or $0.45 per share) last year, although this year's income included a $5 million tax benefit. Company chairman, James O'Connor cited strong internal growth based on pricing and volume increases leading to margin expansion of some 60 basis points...Read More »
SPSA Calls it Off with Covanta
Last week, the Southeastern Public Service Authority officially ended negotiations with Covanta Energy Corp. on ambitious plans to construct a marine terminal in Portsmouth to accept and process waste from New York City. Covanta lacks a contract for the waste and thus was unable to guarantee revenues to SPSA or the City of Portsmouth in return for their collective investment in the project. SPSA officials left open the opportunity for Covanta to come back to the table with a definitive agreement...Read More »
Covanta Posts Third Quarter Results
Covanta Holding Corporation (NYSE: CVA) reported that revenues for the third quarter, ended September 30, increased to $311 million from $301 last year, but that net income declined to $31 million (or $0.21 per share) from $37 million (or $0.26 per share). However, last year's net included an after-tax unrealized gain of $6.8 million (or $0.05 per share) without which the company would have shown a year over year increase. Covanta said that domestic revenues grew by 5% on the strength higher energy rates, contractual service fee escalation and favorable scrap metal pricing...Read More »
Stericycle Revenues and Profits Up by 33% in Third Quarter
Stericycle, Inc. (Nasdaq: SRCL) reported that revenues and profits jumped by 33% in its third quarter (ended September 30). Revenues hit $203 million from $153 million while gross profits were $90 million from $68 million in the same period only a year ago. Acquisitions less than a year old contributed about $30 million in revenue...Read More »
New Technology Turns Food Waste into Clean Energy
In San Francisco, CA this week, operations began on what is considered to be the first large-scale food waste-to-energy facility. The Biogas Energy Project will demonstrate a technology called an "anaerobic phased solids digester" that has been developed over the last eight years by Ruihong Zhang, a UC Davis professor of biological and agricultural engineering. The facility is expected to convert 8 tons of table scraps per week into enough clean renewable energy to power ten homes per day. Davis, CA-based Onsite Power Systems Inc. has licensed the technology which it has adapted for commercial use...Read More »
Chicago Dumps Its Blue Bag Recycling Program
Mayor Richard Daley of Chicago has officially pulled the plug on the city's much criticized blue bag recycling program in favor of a single-stream (blue cart) approach that is favored by most other cities. Despite the city's best efforts and enormous expenditures, a 2003 city study showed that participation in the program was only about 13.3%. Originally intended to divert 25% of the city's household waste from landfills, studies showed that the actual rate was only about 8%. Under the old program, residents were expected to place recyclables in special blue bags that were collected along with regular trash. Most citizens evidently lacked the ambition to obtain the bags, did not understand the program and often failed to properly segregate recyclable material...Read More »
Perma-Fix Environmental Buys Nuvotec for $7 Million
Perma-Fix Environmental Services Inc. has agreed to buy waste removal and treatment company Nuvotec USA Inc. for $7 million in stock. This expands the company's involvement in the cleanup of the DOE's Hanford, Washington radioactive-waste site. The deal includes the purchase of Nuvotec unit Pacific EcoSolutions Inc. which has permits to treat, store and process hazardous, low level radioactive wastes...Read More »
Waste Industries to Report Third Quarter on October 31
Waste Industries USA, Inc. (Nasdaq: WWIN) says the company will report third quarter financial results at the close of markets on October 31 and host a conference call the next day at 2 p.m. (ET)...Read More »
Fifth Annual Canadian Waste & Recycling Expo on Nov. 29th
The fifth annual Canadian Waste & Recycling Expo (CWRE) is set to take place on November 29th and 30th at the International Centre in Toronto, Ontario. The event is expected to draw over 200 exhibitors and 3,500 attendees representing municipalities, private sector haulers, direct service providers, recyclers, and all levels of government, manufacturers, and industrial, commercial and institutional concerns...Read More »
Gundle/SLT to Report Third Quarter on November 2
Gundle/SLT Environmental, Inc. (GSE) will report third quarter financial results on November 2 and host a conference call the next day at 10 a.m. (ET)...Read More »
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