Quite A Jump

Waste Connections experiences a 55 percent rise in profits in fourth quarter.

Folsom, Calif.-based Waste Connections reported a net income of $36.1 million for fourth-quarter 2010. That’s a jump of 55 percent from the firm’s net income of $23.3 million in fourth-quarter 2009.

The firm brought in more revenue, too. During fourth-quarter 2010, Waste Connections brought in $336 million in revenue, up from $309.9 million during fourth-quarter 2009.

“Increasing disposal volumes, record recycled commodity values, strong core pricing and a stable cost structure drove results above expectations throughout 2010,” said Ron Mittelstaedt, chairman and CEO of Waste Connections, after the firm resulted its fourth-quarter and full-year financial reports in early February.

For all of 2010, Waste Connections reported a net income of $135.1 million on $1.32 billion in revenue. In 2009, the firm posted a net income of $109.8 million on $1.19 billion in revenue.

Waste Connections is projecting that it will bring in $1.38 billion in revenue during 2011 and aims to repurchase up to 5 percent of its outstanding shares, the company announced in its report.

“Our strategic focus on exclusive and secondary markets, unique corporate culture, and discipline in deploying capital have produced a differentiated asset mix within our industry and differentiated financial performance,” Mittelstaedt added.

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TAGS: Financials