April 28, 2011 / 8:53 PM / in 7 years

UPDATE 1-IESI-BFC Q1 profit up 38 percent

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April 28 (Reuters) - Canadian waste management company IESI-BFC Ltd’s first-quarter profit rose 38 percent, helped by its acquisition of Waste Services Inc.

North America’s third-biggest solid waste management company posted January-March profit of $23.1 million, or 19 cents a share, compared with $16.7 million, or 18 cents per share, a year ago.

Adjusted profit was 23 cents a share.

The company, which completed the acquisition of Waste Services in July 2010, said revenue rose 60 percent to $422.9 million.

Analysts, on average, were expecting earnings of 23 cents a share on revenue of $417.34 according to Thomson Reuters I/B/E/S.

Toronto-based IESI-BFC’s shares closed at C$24.39 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore;Editing by Vyas Mohan)

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