Progressive Waste Solutions (BIN) Tops Q4 EPS by 5c

Progressive Waste Solutions (NYSE: BIN) reported Q4 EPS of $0.36, $0.05 better than the analyst estimate of $0.31. Revenue for the quarter came in at $483.9 million versus the consensus estimate of $482.63 million.

"Our performance in the fourth quarter is in line with the outlook that we provided on October 30, 2015, and reflects continued organic revenue growth in the U.S. and Canada," said Dan Pio, Chief Executive Officer. "In the quarter, we completed two acquisitions including a platform acquisition in South Carolina, improved operating margins on a sequential basis in our West region, delivered continued strong results in our North region, and undertook the start-up of several municipal waste collection contracts in our East region. We note that operating expenses in our East region in the quarter include a charge related to a discontinued property development and, as previously announced, costs associated with our municipal contract start-ups."

Mr. Pio continued, "We expect these municipal contracts combined with our recent acquisitions to contribute to a solid revenue and EBITDA(A) performance in the first quarter of 2016. We also expect to benefit from the mild winter weather, which is resulting in unseasonably strong disposal volumes at our landfills, as well as lower fuel costs which will more than offset the impact of lower recycled commodity prices."

"We are well-positioned to enter into the previously announced business combination with Waste Connections," Mr. Pio added. "As noted in the January 19th announcement, we are looking forward to the value that will be created with Waste Connections through an expanded operational footprint, diversified revenue streams and their proven corporate culture, safety focus and operational excellence. I am confident that the business combination will secure a strong future for our customers, employees and shareholders."

For earnings history and earnings-related data on Progressive Waste Solutions (BIN) click here.

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