TORONTO – Progressive Waste Solutions Ltd. (TSX:BIN) reports its first-quarter revenue and profit were down compared with a year earlier, largely because of the tough winter weather in Canada and the U.S. Northeast.
Its net income dropped to US$25.9 million in the quarter, down 11 per cent from US$29.3 million in the first three months of 2013 , and its revenue dropped 3.5 per cent to US$469.8 million from US$486.56 million.
The Toronto-area company said volumes began to return to normal in April and Progressive expects to meet its major financial targets for 2014.
Progressive Waste is one of North America’s largest full-service waste management companies, operating in the United States and six Canadian provinces.
The company said difficult weather during the quarter delayed handling certain high-margin municipal waste and special waste in the U.S. northeast and certain Canadian landfill sites.
The garbage hauling company also said it was affected by a spike in fuel prices related to the weather.