October 25, 2011 / 9:44 PM / 7 years ago

UPDATE 2-Progressive Waste Q3 profit misses on weak pricing

* Q3 adj EPS $0.29 vs est EPS $0.32

* Q3 revenue rises 12 pct

* Sees weak pricing in U.S. northeast for 2011 (Adds outlook, detail on operations)

Oct 25 (Reuters) - Progressive Waste Solutions’ quarterly profit missed market estimates and the company expects lower pricing at its collection operations in the northeastern parts of United States to continue for the rest of the year.

North America’s third largest waste manager forecast adjusted EBITDA of $537-$542 million for 2011, and free cash flow of $257-$262 million.

The Toronto-based company’s Canadian and U.S. south segment operations performed better than the U.S. northeast, where economic weakness resulted in lower pricing, it said.

“For the balance of 2011, we expect to perform in line with our plans for our Canadian and U.S. south segments, but anticipate continued weakness in the U.S. northeast,” Chief Executive Keith Carrigan said.

July-September net income rose to $40.3 million, or 33 cents a share, from $23.9 million, or 20 cents a share, a year ago.

Quarterly revenue rose about 12 percent to $490.5 million.

Adjusted net income was 29 cents a share, compared with analysts’ estimates of 32 cents a share, according to Thomson Reuters I/B/E/S.

Progressive Waste provides non-hazardous solid waste collection and disposal services in over 12 states in the U.S., and in six Canadian provinces.

Shares of the company, formerly known as IESI-BFC Ltd, closed at C$23.34 on Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Sriraj Kalluvila)

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