Waste Connections Revenue Up 9 Percent in Second Quarter

Folsom, Calif.-based Waste Connections Inc. posted a net income of $30.4 million on revenue of $330.5 million in second-quarter 2010. That’s a 9.1 percent bump compared to the same period in 2009, when the firm reported an identical net income of $30.4 million on revenue of $302.8 million.

"Year-over-year increases in landfill volumes, roll-off activity, and recycled commodity prices enabled us once again to exceed the upper end of our expectations in the quarter,” said Ronald J. Mittelstaedt, chairman and CEO of Waste Connections, in a press release. “Strong organic growth and an approximate 150 basis points expansion in adjusted operating income before depreciation and amortization as a percentage of revenue contributed to an almost 30 percent increase in adjusted earnings per share compared to the year-ago period. We remain on track to repurchase five to six percent of outstanding shares in 2010. Our strong operating results and free cash flow have further strengthened our credit profile despite our active share repurchase program."

Mittelstaedt added, "Recently completed acquisitions include an integrated new market entry in northern Louisiana, and tuck-ins within existing markets in seven other states. We expect a continuing increase in acquisition activity during the second half of the year."

TAGS: Financials