Waste Connections Reports Jump in Earnings

Folsom, Calif.-based Waste Connections posted a net income of $41 million on $345.8 million in revenue during the third quarter of 2010. During the same period in 2009, the firm posted a net income of $34.2 million on $316 million in revenue.

For the first nine months of 2010, Waste Connections posted a net income of $99 million on $983.8 million in revenue. During the same period in 2009, the firm posted a net income of $86.6 million on $881.5 million in revenue.

“We once again are extremely pleased with our results in the quarter as we exceeded the upper end of our expectations,” said Ronald J. Mittelstaedt, chairman and CEO of Waste Connections, in a press release. “Increased special waste activity and MSW volumes at our landfills, combined with continuing strength in recycled commodity values and discipline in core pricing, were the primary drivers of an approximate 110 basis points expansion in adjusted operating income before depreciation and amortization as a percentage of revenue and a more than 20 percent increase in earnings per share compared to the year-ago period.”

TAGS: Financials