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GFL raises guidance as revenue up 33 per cent in third quarter, net loss decreases

VAUGHAN, Ont. 鈥� GFL Environmental Inc. reported a revenue increase of almost 33 per cent at $1.8 billion for the third quarter of 2022, up from a year earlier and raised its guidance for the year on the strength of those gains. The Vaughan, Ont.
Canadian Press
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The logo for GFL Environmental Inc. is shown in a handout. GFL reported a revenue increase of almost 33 per cent at $1.8 billion for the third quarter of 2022. THE CANADIAN PRESS/HO

VAUGHAN, Ont. 鈥� GFL Environmental Inc. reported a revenue increase of almost 33 per cent at $1.8 billion for the third quarter of 2022, up from a year earlier and raised its guidance for the year on the strength of those gains.聽

The Vaughan, Ont. company said its net loss from continuing operations for the three months ended Sept. 30 decreased to $183.7 million, or 55 cents per share from $316.1 million, or 91 cents per share in the same period last year.聽

GFL attributed the revenue gains to prices, strong volumes in its environmental services segment, and contributions from mergers and acquisitions.聽

Adjusted earnings for the quarter were $473.3 million, up 18.4 per cent year over year.

The company also increased its full-year revenue guidance to between $6.6 billion and $6.65 billion, up from a previous range of $6.43 to 6.48 billion.

GFL said it expects high single-digit organic revenue growth in 2023.聽

This report by The Canadian Press was first published Nov. 2, 2022.

Companies in this story: (TSX:GFL)

The Canadian Press