GFL Environmental reports revenue boost from price hikes

VAUGHAN, Ont. — Waste removal company GFL Environmental Inc. says it saw a boost in revenue last quarter thanks in part to higher prices.

Revenue came in at $1.89 billion in the third quarter, up from $1.83 billion in the quarter last year, as it carried out an 8.8 per cent increase in its solid waste core pricing.

The company says it had a net income of $18.3 million for the quarter ending Sept. 30, compared with a loss of $183.7 million in the same quarter last year.

Its adjusted net income from continuing operations came to $116.8 million, or 32 cents per diluted share, compared with $74 million, or 20 cents per diluted share, for the quarter last year.

Analysts had expected adjusted earnings per share of 27 cents, according to financial markets data firm Refinitiv.

The company, which had about $8.8 billion in long-term debt at quarter end, said it managed to lower its cost of borrowing by 0.6 percentage points under its senior secured term loan in the quarter.

This report by The Canadian Press was first published Nov. 1, 2023.

Companies in this story: (TSX:GFL)

The Canadian Press