April 27, 2012 / 11:59 AM / in 6 years

UPDATE 1-Progressive Waste profit dips on lower pricing

April 27 (Reuters) - Progressive Waste Solutions posted a lower quarterly profit, hurt by a fall in demand for its services in the U.S. Northeast, and the waste management company maintained its full-year revenue outlook.

The company, which provides non-hazardous solid waste collection and disposal services in over 12 states in the U.S. and in six Canadian provinces, said it stood by its revenue forecast of $1.88 billion to $1.91 billion for 2012.

Net income for the first quarter fell 4 percent to $22.1 million, or 19 cents per share.

Revenue rose 3.6 percent to $438.3 million for the quarter ended March 31. But, revenue from the U.S. Northeast - which was 17.5 percent of the total - fell 7 percent to $76.9 million.

Progressive Waste, which is North America’s third-largest waste manager, said it expects higher special waste volumes over the rest of the year.

Adjusted net income was 20 cents per share, compared with analysts’ estimates of 24 cents per share, according to Thomson Reuters I/B/E/S.

Shares of the Toronto, Ontario-based company closed at C$22.46 on Thursday on the Toronto Stock Exchange.

Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das)

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