Progressive Waste Falls After Missing Estimates: Toronto MoverDoug Alexander
Progressive Waste Solutions Ltd., a trash hauler, fell the most in 15 months after reporting profit and a 2013 outlook that missed analysts’ estimates.
Progressive Waste fell 6.4 percent to C$20.97 at 4 p.m. in Toronto, the biggest decline since Oct. 26, 2011. 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.