Waste Management, Inc. (Houston, TX) named James "Jim" Fish Jr. president just as the company announced better-than-expected results for the second quarter. Fish will retain his role as CFO until a successor is found and report directly to CEO David Steiner, who previously served both roles. Fish joined the company in 2001 having held positions at Westex, a Yellow-Roadway subsidiary; Trans World Airlines; America West Airlines; and KPMG Peat Marwick. (One may remember that A. Maurice Myers, who served as CEO from 1999–2004, also hailed from Yellow Corp.) Earlier in the day, the company released second-quarter revenue and earnings that beat analysts' expectations and increased its earnings guidance. Adjusted net income rose 5 percent to $329 million, or 74 cents per diluted share. Analysts had expected 71 cents per share. Revenue for the quarter was up 3 percent year over year to nearly $3.43 billion, exceeding analysts' expectations of $3.4 billion. Consequently, the company increased its adjusted earnings per share guidance to between $2.83 and $2.86 for the full year...Read More »
Republic Services, Inc. (phoenix, AZ) said second quarter profit fell slightly to $180.8 million, or $0.52 per share, compared to $190.3 million, or $0.54 per share, last year. The year-over-year decrease in earnings, despite higher revenues, was mainly due to higher operating costs and restructuring charges. Revenue for the quarter grew by 2 percent on increased volumes of 0.5 percent and price increases of 3.1 percent.
"Our second quarter results continue to demonstrate the stability and predictability of our business, and the strength of our operating model," said Donald W. Slager, president and chief executive officer. "Strong pricing performance, positive volume growth and contributions from our strategic initiatives keep us well positioned to achieve our full year financial guidance."...Read More »
The EPA wants to require exporters of hazardous waste as well as facilities that receive imported hazardous wastes to maintain a single web site for posting documents that confirm receipt of shipments and completed disposal. The EPA says it "will improve information on the movement and disposition of hazardous wastes, improving the Agency's ability to monitor compliance with applicable legal requirements; and will enable regulated parties, interested members of the community, and the government to benefit from the electronic provision of data." The 2012 e-Manifest Act required EPA to establish an electronic system to track hazardous waste shipments, in lieu of the paper manifest, from the point of generation, transportation and to the point of receipt of a treatment, storage, recycling or disposal facility...Read More »
Casella Waste Systems, Inc. (Rutland, VT) reported better-than-expected second quarter profit of $5.2 million, or $0.12 per share, up 23 percent from $4.2 million last year. Revenue increased ever-so-slightly to $144.7 million from $143.7 last year. The company said landfill volumes for the quarter were hurt in part by price increases (up 3.5 percent) and as an unseasonably warm northeast winter allowed more landfill disposal in the first quarter that otherwise would have awaited the second quarter. However, year-to-date landfill volumes are up 2.6 percent, helped by greater construction and demolition volumes...Read More »
Action Environmental Group, Inc. (Teaneck, NJ) has acquired Riverdale, NJ-based Pequannock Disposal Company. Action provides waste management services to NYC, Rockland and Orange Counties in New York, and northern New Jersey. The deal contributes residential, commercial, and demolition waste and recycling collection, equipment, and vehicles. Financial details were not disclosed. Action has been steadily growing its business through acquisitions in New York and New Jersey. In September 2013 the company acquired the New York and New Jersey assets of Advanced Disposal previously known as Interstate Waste Services (IWS), which it operates as a subsidiary of that name. "We are pleased with the acquisition of Pequannock Disposal Service, to complement our north New Jersey operations," said Ron Bergamini, Action CEO...Read More »
Waste Pro (Longwood, FL) has begun constructing a 14,000-square-foot state-of-the-art material recovery facility (MRF) in Sarasota, FL. The MRF will employ the latest advances in single-stream technology from CP Manufacturing (San Diego, CA) to enable it to process 2,000 tons of dry recyclables per month. The equipment will include a bucket loader to transport recyclables onto in-feed conveyors and into the sorting system; a conveyor line where contaminates and bulky recyclables area removed; disc screens that detect and mechanically separate recyclables based on material, size and density; and a high-capacity baler. It is an expansion of an existing facility that opened in 2008. The project is a direct result of the need to process the large volume of recycled materials collected curbside by Waste Pro's vehicles. "We are expecting the overall amount of recyclables to increase due to the added convenience and the larger capacity of the new carts customers will be receiving," saysWaste Pro Regional Vice President Keith Banasiak. "Currently, many residents and businesses often throw recyclables in the trash when they don't fit into bins."...Read More »
An industry group has founded the Medical Waste Management Association (MWMA) to serve the needs of the biohazard and medical waste disposal industry. The organization, which officially launched on July 1 and is based in Phoenix, seeks to promote operating standards, research, education and regulatory advocacy for organizations that transport, process, store or dispose of biological and medical waste. Rob Marshall, owner of San Antonio-based Medsharps and MWMA president, says that "Up to now, the medical waste disposal industry has not had a strong independent trade organization to promote its interests. There are hundreds of companies across the United States, and far more around the world, providing this critical service that will benefit from having a strong, unifying voice." MWMA will host its first conference on March 22, 2017 in Las Vegas...Read More »