- Ponte Vedra, FL-based Advanced Disposal reported revenue for the first quarter of 2016 at $333.8 million versus $330.4 million in the same period of 2015. Adjusted EBITDA dropped to $86.8 million versus $90.5 million in the same period of 2015, and net loss increased $3.5 million to $14.3 million.
- Strong internal operations and improvements drove the company forward, however financial growth remained fairly stagnant. Advanced reported that a revenue growth of 2.3% from acquisitions completed in 2015 were offset by lower margin divestitures during that time, while organic revenue gains were offset by lower fuel fee revenue and declines in residential volume.
- "While we faced some revenue and cost headwinds during the quarter, our strategy of improving safety and providing an excellent customer experience, coupled with strengthening our core markets through accretive tuck-in acquisitions, pricing discipline, and controlling costs will continue," stated Advanced Disposal CEO Richard Burke.
Advanced Disposal followed periods of rapid purchasing in 2015 by acquiring FDS Disposal LLC in January, its first acquisition of 2016.
However the company hit financial struggles in February, when it announced it would postpone its anticipated IPO due to unfavorable market conditions. At the time of the announcement, LTY ERC Principal Leone Young told Waste360 that it's "tough sledding for any IPO in this volatile market."
Analysts will be watching to see if the company's IPO — planned to raise $450 million through 21.4 million shares of common stock at $20 to $22 each — will come to fruition. In the meantime, Advanced is staying competitive with other waste management giants, including Waste Management, Covanta, and Republic Services.