Dive Brief:
- Progressive Waste Solutions Ltd. released its second quarter financials for the period ending June 30, 2014. Consolidated revenues fell 0.6% to $513.5 million in the second quarter, as compared to the same time period one year ago.
- Consolidated organic growth grew by 2% as a result of increased pricing for both collections and disposal.
- Adjusted EBITDA dropped to $131.9 million in the second quarter, compared to $134.9 million during the same timeframe in 2013.
Dive Insight:
Joseph Quarin, the President and CEO of Progressive Waste said, "Operating expenses in the quarter reflect higher fuel costs as well as higher repairs and maintenance costs, related to the implementation of our strategic plan. In the second quarter we advanced several programs, such as fleet automation and conversion to compressed natural gas with the receipt of new trucks, that will reduce operating expenses in the third and fourth quarters."
In June 2013, Progressive Waste announced it was converting up to 55% of its fleet to CNG in 2014.