Waste Management Third Quarter Off, Labor and Fuel to Blame
Waste Management announced slightly disappointing third quarter results, due in part to labor problems in Oakland and higher fuel prices. The company earned $278 million, or $0.54 per share, on revenue of $3.4 billion for the quarter compared with earnings of $300 million, or $0.55 per share, on revenue of $3.44 billion during last year's third quarter. The union worker lockout last July cost the company $0.03 per share in earnings. Even though pricing was up 3.3%, waste volumes were off by 5% on underperforming commercial accounts. Compounding this news, the company had to revise its earnings guidance for the year downward due to the loss of a Section 45K tax credit that had been expected to add a $0.04 per share benefit. CEO David P. Steiner defended the news saying that "It doesn't have to do with our business, our core businesses are working well."...Read More »
Covanta Posts Strong Third Quarter, Revenues Up by 13%
Covanta Holding Corp. posted positive third quarter earnings that grew to $38.41 million ($0.25 per share) from $31.25 million ($0.19 per share) in the same period last year. Analysts however had expected earnings of $0.26 per share. Revenues for the third quarter grew by 13% to $352 million from $311 million last year exceeding analysts' estimates of $340 million. Looking forward, for the full-year 2007, the company reaffirmed its earnings per share forecast in the range of $0.65 to $0.75...Read More »
Waste Industries' Third Quarter Revenues and Earnings Up
Waste Industries USA, Inc., fresh on the heels of its announced intention to take itself private, posted strong third quarter financial results. Revenues for the quarter increased by 4.6% to $88.6 million from $84.7 million last year. Operating income was up by 21.5% to $13.4 million. Net income increased to $6.9 million or $0.49 per share from $3.8 million or $0.27 per share in the same period in 2006. An accounting adjustment helped earnings by $1.2 million ($0.05 per share). Last year's earnings were hurt by a $0.1 million (or $0.01 per share) loss from discontinued operations. President and CEO Jim Perry credited the positive performance to improvements in volume internalization and efficiencies gained in route density and asset utilization...Read More »
Waste Services Inc. Posts Record Third Quarter
Waste Services, Inc. posted its best third quarter yet with internal price and volume growth of 4.4% during the quarter. Revenues grew by 26% to $130.6 million from $103.7 million in 2006. New acquisitions contributed $22.1 million in additional revenues. EBITDA increased to $31.2 million from $22 million in last year's period. According to company Chairman and CEO David Sutherland-Yoest, "We are pleased with our record quarterly results as we continue to execute our strategic initiatives both domestically and in Canada. While certain economic conditions in the Florida housing market continue to be challenging, we are well positioned for earnings and revenue growth both in the U.S. and Canada. Our Canadian based operations continue to exceed expectations and we are well poised to finish the year strongly."...Read More »
Covanta Begins Operation of $120 Million Expansion of Lee County Facility
Covanta has completed and commenced operation of a $120 million upgrade of its Lee County Florida waste-to-energy facility. It is noteworthy for being the nation's first such facility under the EPA's more strict New Source Performance standards. The expansion adds 636 tons per day in capacity which will generate an additional 18 megawatts of electricity. Rising energy costs and disposal tip fees are increasing the economic incentive for waste-to-energy facilities...Read More »
New York Senate Approves Measure to Keep Garbage Trucks off Local Roads
The New York state Senate approved legislation that would keep garbage trucks off some upstate roads. The measure is a direct assault on IESI's Seneca Meadows landfill in Waterloo, NY that has been receiving increased volumes of waste from downstate New York, New Jersey and Connecticut. Hauler's contracts already require that they use interstate highways; however, some take shortcuts to save time or avoid tolls...Read More »
Casella Wins Big Expansion for Ontario County Landfill
Casella Waste Systems won an expansion permit for its Ontario County, NY landfill that allows for 300,000 more tons per year. Casella operates the county-owned landfill under a 25-year agreement struck in 2003. The expansion while expected is ahead of schedule and should contribute to company earnings beginning next year...Read More »
Judge Orders CRRA to Reduce Fees Charged to Municipalities
A Connecticut state judge ordered the Connecticut Resources Recovery Authority to reduce by $6.7 million the fees it charges to 70 municipalities for waste disposal. Superior Court Judge Dennis G. Eveleigh found that CRRA had made improper estimates in its 2008 budget such that it was passing on the costs of a previous judgment of $35.9 million awarded to the municipalities against CRRA related to a failed deal with now bankrupt Enron Corp. CRRA defended the 2008 budget as including substantial costs related to the closing of the Hartford landfill...Read More »
SWANA and Public Works Association Will Co-locate Tradeshows in 2010
The Solid Waste Association of North America (SWANA) hopes to boost attendance for WASTECON by teaming up with the American Public Works Association (APWA). The two agreed to co-locate their shows in Boston in 2010. Both expect that combined attendance will reach 10,000 public- and private-sector solid waste and public works professionals. "SWANA exhibitors will benefit from exposure to thousands of public works officials, many of which have responsibilities for solid waste programs," said John H. Skinner, SWANA Executive Director and CEO...Read More »
Stericycle Third Quarter Net Up by 20%
Medical waste management firm Stericycle posted third quarter revenue gains of 16.8% to $237.3 million from $203.3 million in the third quarter of 2006. Gross profits were up 18% and net income was up almost 20% to $32.9 million ($0.37 per share) from $27.5 million ($0.30 per share) in last year's period. Earnings beat most analysts' expectations. Recent acquisitions contributed $12.3 million in revenues. Earnings were also helped by a slightly lower than expected tax rate. Management revised guidance for 2007 to a range of $917-$923 million, up from $898-$905 million previously...Read More »
MHF Logistical Solutions Names New President
Waste transportation and logistics company MHF Logistical Solutions named Tom Piatak its new president and CEO. Piatak is a transportation industry veteran with extensive experience managing rail and intermodal operations. Piatak was previously president and COO for VEXURE, a Jacksonville, Florida-based transportation and logistics provider...Read More »
Clean Harbors to Report Third Quarter on November 7
Clean Harbors plans to announce third quarter financial results and host a conference call on November 7 at 9 a.m. (ET)...Read More »
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