Progressive waste solutions ltd. Announces strong results for the three and six months ended june 30, 2011
Toronto, Ontario -- Reported revenues increased $169.9 million or 56.7% from $299.6 million in the second quarter of 2010 to $469.5 million in the second quarter of 2011. Organic gross revenue, which includes intercompany revenues, grew 3.4% on a consolidated basis and is comprised of total price and volume growth of 3.1% and 0.3%, respectively. Total price and volume improvements in Canada were 3.5% and 1.4%, respectively. Price improved 2.8% in the U.S. while U.S. volumes declined 0.6%.
Revenue growth translated into adjusted EBITDA(A) and operating income growth. Adjusted EBITDA(A) was $136.3 million, or 47.7% higher, in the second quarter of 2011 versus $88.6 million in the same quarter a year ago. Our second quarter adjusted EBITDA(A) margin was 29.0% compared to 29.6% in the second quarter of 2010. Excluding the incremental increase in fuel surcharges from 2011 reportable revenues, our second quarter adjusted EBITDA(A) margin would have been 29.4% for 2011. Adjusted operating income(A) was $70.2 million, or 52.9% higher, in the quarter compared to $45.9 million in the same period last year.
We also generated higher adjusted net income(A) quarter over quarter. Adjusted net income(A) for the second quarter of 2011 was $33.5 million, or $0.28 per weighted average diluted share ('diluted share'), compared to $23.4 million, or $0.25 per diluted share in the comparative period.
Free cash flow(B) for the quarter totalled $64.8 million and was 46.7% higher than the $44.2 million achieved in the comparative period last year. Our free cash flow(B) margin was 13.8% in the quarter compared to 14.7% in the second quarter of 2010, due primarily to higher proportionate interest expense.
'We had a solid performance in the second quarter, with strong organic growth rates for our base business helping us achieve revenues in line with our expectations, despite the headwinds of weather in our Canadian segment and a delay in realizing some efficiencies related to the consolidation of certain Waste Services, Inc. ('WSI') operations with our existing locations in Canada,' said Keith Carrigan, Vice Chairman and Chief Executive Officer of Progressive Waste Solutions Ltd. 'Acquisitions contributed significantly to our total performance, which included contributions from our acquisition of WSI and the 13 'tuck-in' acquisitions we completed in 2010. We also added six more acquisitions to our portfolio in the second quarter, bringing the year-to-date total to seven, which will contribute to our performance through the balance of 2011.'
For the six months ended June 30, 2011, revenue was $892.4 million, compared to revenues of $563.6 million in the year ago period. Adjusted operating income was $131.9 million compared with $82.4 million in the same period in 2010. Adjusted EBITDA(A) for the year-to-date period was $259.4 million compared to $164.5 million in 2010. Our year-to-date adjusted EBITDA(A) margin was 29.1% for 2011 compared to 29.2%, in the same period last year. Excluding the incremental increase in fuel surcharges from 2011 reportable revenues, our year-to-date adjusted EBITDA(A) margin would have been 29.4% for 2011.
For the six months ended June 30, 2011, adjusted net income was $61.6 million, or $0.51 per weighted average diluted share, compared with $42.0 million or $0.45 per share last year.