Allied Posts Solid Second Quarter Results
Allied Waste Industries, Inc. (NYSE: AW) has joined the ranks of major waste firms with solid financial results of late. In the second quarter (ended June 30, 2006) revenues grew by 7.8% to $1.541 billion from $1.449 billion, driven by a 6% increase pricing and a 1.8% increase in volume. Results would have been even better but for a 1.4% decrease due to divestitures and lower non-core recycling revenues. Similarly, operating income increased to $253 million from $248 million for the second quarter 2005, despite a $23 million increase in direct fuel costs. However, refinancing costs caused a drop in both cash flow and net income for the quarter...Read More »
Veolia Environnement Revenues for First Half Up 13.7%
Veolia Environnement (NYSE:VE) posted strong gains for the first half of the year (ended June 30, 2006) with revenues up 13.7% to €13.998 million from €12.307 million in the first half of last year. 10% of those gains came from internal growth while external acquisitions contributed 3%. Consequently, the Company has raised its revenue guidance for the year to increase by 10% versus 6-8% as previously anticipated. Revenues from waste management activities grew by 10.2% to €3.548 million from €3.218 in the first half of 2005. Waste management revenues in the U.S. grew even faster at 15.7%. Veolia is currently the number two global player in waste management and as recently as June of this year, acquired Brambles' UK waste business: Cleanaway for €859 million...Read More »
The Coalition of Northeastern Governors is protesting a U.S. Senate spending bill that would create temporary storage facilities in their states for spent nuclear fuel. A provision in the bill takes money paid by electricity ratepayers for a centralized nuclear waste disposal facility at Yucca Mountain in Nevada and diverts it to create temporary storage facilities in 31 states. Some members of the Senate Appropriations Committee that approved the bill said they will seek to remove this provision before the legislation passes...Read More »
Waste Industries USA Reports Positive Second Quarter Results
Waste Industries USA, Inc. (Nasdaq: WWIN) reported revenue gains of 9% for the second quarter ended June 30, 2006. Revenues for the quarter rose to $82.6 million from $75.9 million while operating income jumped 69% to $9.6 million from $5.7 million and net income (from continuing operations) leaped 136% to $4.5 million ($0.32 per share) from $1.9 million ($0.14 per share) in the same period last year...Read More »
Criminal Investigation of Landfill Ruling
A criminal investigation by the Rhode Island Department of Environmental Management (DEM) into the presence of 80,000 tons of fly ash as illegally received out-of-state solid waste at the Central Landfill in Rhode Island is complicated by a ruling by a federal judge. U.S. District Judge Mary M. Lisi noted that the ash was used by the landfill to comply with a 1994 cap and seal decision by the EPA. She also noted a 1996 legal agreement between the EPA and the landfill. Lisi ruled that the landfill had to comply only with the environmental laws contained in that agreement. She declined, however, to restrain DEM from continuing its criminal investigation...Read More »
Covanta Holding Corp. Reports 2006 Second Quarter Results
Covanta Holding Corp. (NYSE: CVA) announced that second quarter (ended June 30, 2006) pro forma revenues, that include those of American Ref-Fuel which it acquired in January 1, 2005, increased by 6% to $334.1 million from $315.7 million, and that net income increased to $51.2 million from $18.3 million in the second quarter of 2005. Gains in revenues and net income came from higher energy prices, higher contractual service fees, higher scrap metal pricing, and a lower effective tax rate...Read More »
Ohio EPA Takes New Approach to Regulating Waste Disposal
The Ohio EPA, in response to criticism, acknowledged burdensome and sometimes inconsistent regulations governing the operation of construction and demolition debris (C&DD) landfills, industrial waste landfill facilities and disposal lagoons. Extensive research using the latest science and Ohio-specific data, revealed the need for a more consistent approach to liner standards and other regulations based on the potential environmental impacts of each particular circumstance or facility rather than based on a strict legal classification...Read More »
WCA Waste Corporation Announces Second Quarter 2006 Results
Strong pricing and volume growth propelled second quarter (ended June 30, 2006) revenues for WCA Waste Corporation (Nasdaq: WCAA) up 31.5% to $38.2 million from $29.1 million in the corresponding period last year. Consequently, net income rose to $3.8 million, or $0.23 per share from $0.9 million, or $0.06 per share in second quarter last year. Company chairman, Tom Fatjo reiterated that WCA was on target to achieve revenues $140 million for the year representing a 23% increase over those of 2005...Read More »
Waste Management of New York Benefits Strike Ends
Waste Management of New York reached a deal with the Teamsters Local 813 over healthcare benefits, ending a 17-week strike. The deal calls for the union employees to contribute to their healthcare benefits at the same rate as the non-union employees...Read More »
City of Toronto Averts Sludge Crisis
The city of Toronto averted a crisis with an eleventh hour solution to dispose of the city's 75,000 annual tons of sludge. With just one day before its contract with Republic Services expired, the city inked deals with two Canadian composting firms. In one of the deals, worth C$13.5 million over three years, Burlington-based Environmental Management Solutions Inc. will handle 55,000 tons of the city's sludge for the first year and 35,000 tons each year thereafter. Quebec-based Ferti-Val Inc. will receive C$1.1 million to take 20,000 tons of city sludge for one year...Read More »
Perma-Fix Reports 5th Consecutive Quarter of Profitability
Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) reported that revenues for the second quarter that ended June 30, 2006, declined slightly to $23.5 million from $25.1 million, but that net income increased to $1.8 million or $0.04 per share from $1.2 million or $0.03 per share in the same period last year. Company Chairman and CEO Dr. Louis F. Centofanti plans to increasingly focus on higher margin business segments in nuclear and radioactive mixed waste management over more traditional industrial wastes. Going forward the emphasis will include oily water and fuel recycling waste streams...Read More »
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