IESI-BFC sees profits rise during 3Q despite revenue dip

Oct. 30 -- IESI-BFC Ltd. saw profits rise during the third quarter even as overall revenue dipped for the three months.

The Toronto-based solid waste management company earned $19.1, or 20 cents per diluted share, on revenue of $268.4 million. That compares to earnings of $16.3 million, or 24 cents per diluted share, on revenue of $282.2 million for the third quarter of 2008.

Equity offerings in March and June increased the company´s share count this year compared to last year.

"We delivered strong performance in the third quarter relative to current economic conditions," said Keith Carrigan, vice chairman and CEO. "We continued to drive core price growth in our business and achieved positive volume in our Canadian operations with only a marginal volume decline in the U.S."

Contact Waste & Recycling News senior reporter Jim Johnson at 937-964-1289 or jpjohnson@crain.com