GFL Environmental Reports 31.6 Percent Full-Year Revenue Growth

GFL Environmental Inc. ((NYSE: GFL) released its fourth-quarter and full-year 2022 results, outperforming expectations with record revenue.

The Canadian waste management company reported a revenue of $4.3 billion, a 28 percent increase from 2021, driven by strong growth in all of its segments. The company also provided guidance for 2023, expecting revenue to reach $5 billion.

GFL's CEO, Patrick Dovigi, expressed his excitement about the company's results.

"We are thrilled to report another strong quarter and full-year performance, with record revenue and adjusted EBITDA," he said. "Our team's dedication and hard work continue to drive our success, and we look forward to delivering continued growth in 2023."

The company's waste management division, which provides collection, transportation, and disposal of solid and liquid waste, generated $2.6 billion in revenue, a 29 percent increase year over year. The division's growth was driven by higher volumes of waste generated by consumers and businesses, as well as pricing increases.

GFL's infrastructure division, which provides soil and groundwater remediation, asphalt paving, and other services, generated $909 million in revenue, a 26 percent increase from the previous year. The division's growth was driven by an increase in construction activity, particularly in the United States.

GFL's liquid waste division, which provides collection, transportation, and disposal of hazardous and non-hazardous liquid waste, generated $568 million in revenue, a 28 percent increase from the previous year. The division's growth was driven by higher volumes of liquid waste generated by industrial and commercial customers, as well as pricing increases.

The company's revenue growth also resulted in record adjusted EBITDA of $1.3 billion, a 35 percent increase from the previous year. The company's adjusted EBITDA margin increased from 28 percent in 2021 to 30% in 2022, driven by improved pricing and operational efficiencies.

GFL's strong financial performance has also allowed the company to invest in strategic acquisitions. In 2022, the company acquired 14 businesses, including seven in the United States, three in Canada, and four in Europe. These acquisitions expanded GFL's service offerings and geographic reach, positioning the company for continued growth in 2023.

GFL's guidance for 2023 includes revenue of $5 billion, adjusted EBITDA of $1.6 billion, and capital expenditures of $750 million. The company expects to continue to grow its waste management, infrastructure, and liquid waste divisions, as well as expand its geographic reach through acquisitions.