- Vaughan, Canada-based waste management company Progressive Waste Solutions has released fourth quarter earnings and 2015 financial results. For its fourth quarter, Progressive reported consolidated revenues of $483.9 million, up 1.6% on a constant currency basis. The company also reported a net income of $45.7 million, up from $18.9 million in the fourth quarter of 2014.
- For the full year, Progressive reported consolidated revenues of $1.925 billion, up 1.1% on a constant currency basis. The company also reported an adjusted EBITDA of $479.9 million, down 2.1% on a constant currency basis.
- Due to the company's pending merge with Waste Connections, it did not hold an earnings conference call with investors.
Despite the lack of an earnings call, Progressive's newly named CEO Dan Pio released a statement regarding the company's fourth quarter and 2015 earnings in which he stated that the company's performance reflects "continued organic revenue growth in the U.S. and Canada."
"We are well-positioned to enter into the previously announced business combination with Waste Connections," Pio said. "..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."
As a result of Progressive's merge with Waste Connections, the joint company will be the third-biggest waste management services provider in North America. Waste Connections will benefit from Progressive's customer base, which includes 4 million customers in the U.S. and Canada.