Allied Waste's Third Quarter Profit Falls, Cites Charges
Allied Waste Industries reported lower third quarter profit, citing a loss on divestitures, asset impairments, and a slowing housing construction business. Net income for the quarter fell to $66.9 million, or $0.15 per share, from $70.6 million, or $0.17 share, a year earlier. Excluding unusual items, the company would have earned $0.24 per share which would have been in line with analysts' expectations. Allied's report follows weaker-than-expected third quarter results from industry leader Waste Management, which also cut its 2007 forecast. Revenues for the period rose 2% to $1.56 billion from $1.53 billion last year. Revenue increases were driven by a very strong 5.6% increase pricing that was then offset by a 3.7% decline in volume, particularly from higher margin but economically sensitive business including roll-off, construction and special waste...Read More »
Republic Services Third Quarter Off on Problems with Ohio Landfill
Republic Services reported third quarter earnings that fell to $67 million, or $0.35 per share, from $77.3 million, or $0.39 per share, a year earlier. These latest results included a charge of $20.3 million, or $0.11 per share, related to an increase in the estimated costs to comply with orders issued by the Ohio Environmental Protection Agency in connection with the Countywide Recycling and Disposal Facility in East Sparta. Revenue for the quarter rose 2.4% to $806.2 million. Analysts had hoped for earnings of $0.43 per share on revenue of $819 million for the quarter. More recently, the company reaffirmed 2007 projected earnings of $1.65 to $1.66 per share, excluding charges of $33.8 million, or 18 cents a share, for remediation facilities in Ohio and California...Read More »
Casella Sells Buffalo New York Operations for $5.5 Million
Casella Waste Systems said that it had sold its Buffalo, New York transfer station, hauling operation and related equipment to the principals of Modern Landfill, Inc. for approximately $5.5 million in net proceeds. With the sale, the Company substantially completed its targeted divestiture program with divested revenues of approximately $20.0 million from non-strategic assets. Company Chairman and CEO John Casella said that the sale culminates a previously stated objective to realign its operations with higher margin businesses and markets. The Buffalo transfer station and hauling company reported third party revenues of $9.2 million for the twelve months ended April 30, 2007...Read More »
NRC Publishes Assessment of Low-Level Radioactive Waste
South Carolina's Barnwell county low-level hazardous waste landfill will close in July 2008 to all but those in its home state and those in New Jersey and Connecticut. Power plants, hospitals, universities, manufacturers and other companies that generate low-level radioactive wastes in as many as 36 states will be affected. And though the states have known since 2000 when the South Carolina legislature ordered the facility to scale back, few states have made alternate arrangements. Until solutions are found, many will have to store such materials on site, which increases the risks of mishaps, mismanagement and less oversight...Read More »
NTR's Greenstar Buys Another UK Waste Firm
International renewable energy and waste management firm NTR plc and its subsidiary Greenstar purchased UK-based Verdant Group. Terms of the sale were not disclosed. Verdant provides waste services in 19 markets throughout southeast of England under long-term contracts and is forecasting sales of €64.7 million ($94.61 million) for the year just ended. The deal will make Greenstar UK a £121 million ($253.32 million) per year enterprise. NTR's Greenstar subsidiaries invested €300 million ($438.76 million) in a total of eight acquisitions in the last six months. Greenstar North America recently acquired Mid-America Recycling, Damato Paperstock Corp., and in August bought out Pennsylvania-based Todd Heller for around $50 million...Read More »
WCA Waste Corp. Posts Strong Third Quarter
WCA Waste Corp. posted positive gains in both revenues and profits for its third quarter. Revenues for the quarter rose by 23.5% to 48.4 million on the strength of recent acquisitions (16.8%), price increases (5.3%) and even volume increases (1.4%). This boosted operating margins to 16.7% compared with 15.9% in last year's period. Net income losses narrowed to just $(0.5) million, or $(0.03) per share, compared to $(3.4) million, or $(0.21) per share last year, and would have been $1.3 million, or $0.08 per share excluding an unrealized loss on interest rate swap agreements (non-cash)...Read More »
Waste Management and Los Angeles Teamsters End Strike
Waste Management brought to a swift conclusion a large Los Angeles area Union strike that began on October 19. Under threat of losing their jobs, 266 of the 470 drivers, mechanics, and other personnel represented by the Teamsters Local 396 ratified a contract that was identical to the offer made before the strike began...Read More »
Sen. Chuck Schumer Wants Haulers off Local NY Roads
U.S. Sen. Charles Schumer, D-N.Y. is piling on with NY State Sen. George H. Winner to keep garbage trucks off local roads outside of New York City. He plans to meet with officials of the New York City Department of Sanitation and IESI, the company which owns the Seneca Meadows landfill to which some New York waste is destined. It is estimated that every day about 200 waste trucks forego interstate 81 and use back roads in an effort to save time and money on fuel and tolls. Schumer says that he wants an enforceable agreement with the haulers and the city...Read More »
Rumpke Seeks Large Expansion of Kentucky Landfill
Cincinnati-based Rumpke Consolidated Co. hopes to nearly triple the capacity of its Pendleton County Landfill in Butler, KY. The Kentucky Division of Waste Management has issued a draft expansion permit which tentatively allows the facility to expand from 14 acres to 62.4 acres. "This expansion is part of the normal life cycle for a landfill of its size," said Todd Rumpke, regional vice president for Rumpke, in a press release. The Kentucky DWM is giving the public until the end of the month to comment before it issues final approval...Read More »
NE Maryland Waste Authority Wins $5.7 Million Contract from Army
The U.S. Army has awarded a $5.73 million contract increment to Northeast Maryland Waste Disposal Authority, Baltimore, for steam from the Harford Waste-to-Energy facility. The contract was awarded by the U.S. Army Contracting Agency, Aberdeen Proving Ground, Md...Read More »
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