Yesterday Progressive Waste Solutions announced a 12% increase in dividends distribution. They also posted a solid quarter with a 8.1% increase in revenue (acquisitions contributed 5.6%). The company also seems like it has a long-term plan and is executing it nicely. Progressive Waste Solutions still has an active acquisition program and intend to be "disciplined" buyers after recently acquiring Waste Service Inc. which has operations in Canada and the Florida. They also plan to invest in internal infrastructure, and continue with the dividends and share buybacks which is great news for me because I essentially got a raise for doing nothing.
The company also redid their goodwill impairment test for their U.S. northeast reporting unit and concluded that due to a weak economic outlook, the carrying amount was overvalued. This resulted in a goodwill impairment of $360 600. This shows that the company is willing to fairly value their assets and not mislead investors. I just did a quick glance over the report and I may be missing something because as of right now, the stock is taking a beating. When I have time I'll comb through it and see what's up, but for now I'm not too worried; I may even take this opportunity to buy more shares if I feel that there isn't a major problem...
-the Paperboy
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