Allied Waste 3Q profit falls |
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Wed, 31 Oct 2007 22:10
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PHOENIX (AP) - Solid waste services company Allied Waste Industries Inc. said Wednesday its third-quarter profit tumbled on steep losses from discontinued operations.The company earned $17.8 million, or 5 cents per share, compared with $62.9 million, or 15 cents per share, for the same quarter in 2006.Earnings from continuing operations fell to $66.9 million, or 15 cents per share, compared with $70.6 million, or 17 cents per share, for the same quarter in 2006.The recent quarter's earnings from continuing operations included a charge of $13.3 million, or 2 cents per share, related to debt redemption costs.The 2006 period's earnings from continuing operations included a loss on divestitures and asset impairment totaling $14.5 million, or 2 cents per share.Revenue rose to $1.56 billion from $1.53 billion in the year-ago period.Analysts polled by Thomson Financial expected profit from continuing operations of 22 cents per share, excluding the one-time charges, on $1.6 billion in revenue.Allied Waste credited the revenue increase to a 5.6 percent rise in same-store average unit prices, partially offset by a 3.7 percent drop in same-store volume.Allied Waste shares rose 22 cents to close at $12.64.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Allied Waste Industries' 3Q earnings cont ops $66.9M 