Progressive Waste Solutions
The 10-second takeaway
For the quarter ended June 30 (Q2), Progressive Waste Solutions beat slightly on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue increased. Non-GAAP earnings per share grew significantly. GAAP earnings per share grew significantly.
Gross margins contracted, operating margins dropped, net margins expanded.
Progressive Waste Solutions booked revenue of $503.2 million. The 13 analysts polled by S&P Capital IQ predicted a top line of $494.2 million on the same basis. GAAP reported sales were 8.7% higher than the prior-year quarter's $475.4 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.31. The 14 earnings estimates compiled by S&P Capital IQ forecast $0.26 per share. Non-GAAP EPS of $0.31 for Q2 were 24% higher than the prior-year quarter's $0.25 per share. GAAP EPS of $0.28 for Q2 were 17% higher than the prior-year quarter's $0.24 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 38.3%, 140 basis points worse than the prior-year quarter. Operating margin was 11.4%, 260 basis points worse than the prior-year quarter. Net margin was 6.2%, 20 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $514.0 million. On the bottom line, the average EPS estimate is $0.27.
Next year's average estimate for revenue is $2.01 billion. The average EPS estimate is $1.01.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 83 members out of 85 rating the stock outperform, and two members rating it underperform. Among 30 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 30 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 $25.15.
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