Date: December 9, 2006
Source: Standard & Poor's
Standard & Poors reiterated its positive outlook for the waste management industry estimating average earnings growth of 10% for 2006 and 2007. While they see continued improvement in volumes, in line with GDP growth, they see pricing initiatives as the primary engine of organic growth. The recent decline in fuel costs will benefit margins, however the volatility of those costs implies that surcharges and hedging programs are likely to remain in place. With the major haulers seeking and getting broad based price increases in new customer contracts, they are emboldened to risk the loss of market share in exchange of price increases across the board and are likely to bolster their position with enhanced customer service. At the same time, they are likely to focus on controlling vehicle maintenance and medical insurance costs while investing in fleet upgrades and worker safety programs. Additional cash from operations is likely to continue to be used for debt reduction, share buybacks, dividends, some "tuck-in" acquisitions and asset swaps.
For more information, contact: Stewart Scharf
Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
www.standardandpoors.com.
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