Dive Brief:
- Ontario-based Progressive Waste Solutions, Ltd. recently realigned its U.S. segments to advance the company in reaching operational success.
- The company expanded the former U.S. Northeast region to include Florida, renaming it the East region. The U.S. South region has been renamed the West region; and the former Canadian region has been renamed the North region.
- Progressive has also adjusted its finances to reflect the changes by reallocating expenses related to selling and administration into operational expenses. In addition, the company is adjusting landfill and capital asset buys for non-cash working capital changes in its calculation of free cash flow.
Dive Insight:
For the first quarter of 2015, Progressive showed a decrease in both net income and revenue. Net earnings dropped 30% to $18.1 million from $25.9 million, while revenue fell 2% to $460.2 million from $469.8 million.
While attending the WasteExpo convention last month, Progressive CEO Joseph Quarin said things need to change industry-wide for recycling to be profitable. “We have to step in and say, if we are collecting, charge for collecting, and if we are processing, charge for processing,” he said.
