Allied Waste posts third quarter results
Allied Waste Industries, Inc. reported financial results for its third quarter
and nine months ended September 30, 2007.
Total revenue for the third quarter was $1.56 billion,
an increase of $31.2 million, or 2.0%, over $1.53 billion for the third quarter
2006. The increase in revenue resulted from a 5.6% increase in same store
average unit prices driven by the Company’s programs to improve returns on invested capital.
High prices for the period were partially offset by a 3.7% decrease in same-store
volumes related primarily to a slowdown in the Company’s economy-sensitive
lines of business including roll-off, construction and special waste.
For the quarter, income from continuing operations was
$66.9 million, or $0.15 per share, inclusive of a loss on divestitures and
asset impairments of $39.0 million, or $0.07 per share. Reported third quarter
results also include expenses of $13.3 million, or $0.02 per share, associated
with debt redemption costs.
Gross profit for the quarter was $589.6 million, up $36.6
million, or 6.6%, over the comparable period last year.
Operating income for the third quarter increased 1.3% to
$251.4 million including the loss on divestitures and impairment charges
of $39.0 million. Prior year operating income for the period was $248.1 million,
including a loss on divestitures of $14.5 million.
Higher revenues and better profitability for the third
quarter were offset by the loss on divestitures and impairment charges of
$39.0 million, comprised of $14.5 million, or $0.03 per share, associated
with the loss on sale of a landfill in the Southeastern region and a $24.5
million, or $0.04 per share, asset-impairment charge associated with long-term
closure and post-closure costs for a landfill in the Midwestern region.