Waste Connections Inc. reported a big jump in net income and revenue for its third quarter, aided by strong municipal solid waste disposal volumes.
The Woodlands, Texas-based company also said in a news release that earlier this month it purchased a waste collection operation in Minnesota’s Twin Cities region that represents about $25 million in annual revenue. Ron Mittelstaedt, Waste Connections chairman and CEO, said the move expands the company’s footprint in that market following the SKB transfer and landfill acquisition completed last year.
Worthing Jackman, chief financial officer for the company, said in an e-mail that no further details are available at this time.
For the third quarter ended Sept. 30, Waste Connections said net earnings attributable to the firm climbed 22.9 percent to $60.7 million, or 49 cents per diluted share, compared with $49.4 million, or 40 cents per diluted share, in the year-ago period.
Revenue jumped 18.3 percent to $503.6 million compared with $425.7 a year earlier.
For the first nine months, Waste Connections’ net profits rose 19 percent to $146.2 million, or $1.18 per diluted share, compared with $123.1 million, or $1.02 per diluted share, in the 2012 period. Revenue advanced 19 percent to $1.44 billion compared with $1.21 billion a year ago.
“Double digit increases in municipal solid waste disposal volumes and continuing improvement in roll-off activity enabled us once again to meet or exceed the upper end of our expectations for the quarter,” Mittelstaedt said. He also cited strong solid waste organic growth and roll-over contribution from its R360 acquisition for the improved results.