Progressive Waste Solutions Increases Sales but Misses Estimates on Earnings

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Progressive Waste Solutions (NYS: BIN) reported earnings on April 27. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Progressive Waste Solutions met expectations on revenues and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue improved and GAAP earnings per share was unchanged.


Margins dropped across the board.

Revenue details
Progressive Waste Solutions reported revenue of $431.9 million. The 11 analysts polled by S&P Capital IQ wanted to see revenue of $433.9 million on the same basis. GAAP reported sales were 3.6% higher than the prior-year quarter's $422.9 million.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.20. The nine earnings estimates compiled by S&P Capital IQ forecast $0.24 per share. GAAP EPS of $0.19 were the same as the prior-year quarter.

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Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 39.5%, 210 basis points worse than the prior-year quarter. Operating margin was 11.5%, 150 basis points worse than the prior-year quarter. Net margin was 5.0%, 50 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $483.3 million. On the bottom line, the average EPS estimate is $0.30.

Next year's average estimate for revenue is $1.90 billion. The average EPS estimate is $1.15.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 86 members out of 88 rating the stock outperform, and two members rating it underperform. Among 33 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 33 give Progressive Waste Solutions a green thumbs-up, and give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Progressive Waste Solutions is outperform, with an average price target of $25.17.

At the time this article was published Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor ofMotley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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