04:54 PM EDT, 07/31/2024 (MT Newswires) -- GFL Environmental ( GFL ) on Wednesday said a non-cash loss from asset sales caused a swing to a loss in the second quarter, while revenue edged up as the company said it has no plans to go private.

The waste-management company said it lost $471.2 million, or $1.31 per share, in the quarter, compared with a profit of $294.9 million, or $0.72,, in the year-prior quarter. The result missed the Capital IQ consensus forecast for a profit of $0.08 per share.

GFL said the loss includes a non-cash loss resulting from the divestiture of certain U.S. assets completed in the current quarter.

Revenue rose 11%, excluding the impact of divestures, to $2.06 billion in the second quarter, in line with the Capital IQ forecast of $2.058 billion.

The company raised full year 2024 guidance for adjusted EBITDA to $2.25 billion from $2.24 billion.

In the statement, chief executive Victor Dovigi said privatizing the company is not in the long-term interest of shareholders. "We believe that a sale of certain of our high-quality assets, such as our Environmental Services business, could attract a mid-teen multiple and that the proceeds from such a transaction could be used to accelerate the deleveraging of our balance sheet and provide an opportunity to buy back a portion of our stock at an attractive valuation."

GFL has received preliminary expressions of interest in a transaction, and "a full auction process will be required" to maximize value for shareholders, Dovigi said.

GFL shares rose $0.51 to close at $53.57 on the Toronto Stock Exchange.