Progressive Waste Falls After Missing Estimates: Toronto Mover

Progressive Waste Solutions Ltd., a trash hauler, fell the most in almost a year after reporting profit and 2013 outlook that missed analysts’ estimates.

Progressive Waste fell 4.8 percent to C$21.33 at 11:17 a.m. in Toronto after falling as much as 5.4 percent earlier, the biggest intra-day decline since Feb. 29. The company’s shares rose 2.1 percent in the 12 months through yesterday.

The Vaughan, Ontario-based company said today it had profit of $11.75 million, or 10 cents a share, in the fourth quarter, compared with a net loss of $296.2 million, or a loss of $2.48, in the year-earlier period.

Progressive Waste said it earned 24 cents a share excluding items, missing the 27 cents a share average estiamte of 14 analysts surveyed by Bloomberg News.

The company also said it expects adjusted profit will be $1.02 to $1.06 a share for 2013, below the $1.15 a share average estimate for the year by 15 analysts surveyed by Bloomberg. Revenue will rise to $2 billion to $2.02 billion, an increase of 5.4 percent to 6.5 percent, for 2013, the company said.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net

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