Dive Brief:
- Veolia Environnment, a French service and utility company specializing in waste and water management, released its results for fiscal year 2013.
- Revenue dropped to approximately $30.6 million in 2013 from approximately $32 million from the same time period in 2012.
- Adjusted operating income rose 17% to almost $1.3 billion in 2013, with adjusted net income virtually quadrupling to approximately $306 million.
Dive Insight:
It is expected that waste volumes in Europe will drop 1.5 percent in 2014, which is less than the second half of 2013. CEO Antoine Frerot said, "The 2014 fiscal year will mark a return to growth in our results." The company anticipates "revenue growth, around 10 percent growth in adjusted operating cash flow, and significant growth in adjusted operating income and adjusted net income." Yesterday, Veolia's board decided to renew Frerot's authority instead of replacing him at this time, which also gave a push to its stock.
