Waste Connections Inc. posted increased net earnings and revenue for its fourth quarter and year, fueled in part by stronger solid waste disposal volumes.
For The Woodlands, Texas-based Waste Connections net income for the quarter ended Dec. 31 climbed 37.3 percent to $49.4 million, or 40 cents per diluted share, compared with $36 million, or 29 cents per diluted share, in the year-ago period.
Revenue rose 8.3 percent to $485.9 million from $448.8 million in the 2012 period, according to a news release.
"Continuing strength in solid waste disposal volumes, E&P (exploration and production) waste and roll-off activity enabled us to exceed the upper end of our fourth-quarter outlook and provide a good entry point into 2014,” said Ron Mittelstaedt, chairman and CEO.
For the year, net income increased 23 percent to $195.7 million, or $1.58 per diluted share, compared with $159.1 million, or $1.31 per diluted share, in earlier period. Revenue advanced 16.1 percent to $1.93 billion from $1.66 billion in 2012.
For 2014, Waste Connections expects earnings before interest, taxes, depreciation and amortization (EBITDA) of between $700 million and $705 million, and revenue between $2.02 billion and $2.04 billion.