Net income for Waste Connections Inc. dropped 14.2 percent because of one-time charges.
The Woodlands, Texas-based waste and recycling company reported net income of $31.3 million, or 27 cents per diluted share, compared with $36.5 million, or 32 cents per diluted share, in the year-ago period. Current operating income included approximately $7.1 million ($5.5 million net of taxes) from acquisition-related costs, expenses connected to the company’s corporate relocation from California and one-time equity compensation expenses, the company said in a news release.
Adjusting for those expenses, net income climbed 0.8 percent to $37.2 million compared with $36.9 million in the 2011 period.
Revenue increased 13.6 percent to $376.4 million compared with $331.5 million in the year ago period.
"We are pleased to kick off our 15th anniversary with first quarter results that once again exceeded the upper end of our revenue and margin expectations,” said Ron Mittelstaedt, Waste Connections chairman and CEO. "Our recent equity offering further strengthened our sector-leading balance sheet, uniquely positioning us for what we believe could be increased acquisition activity over the next 18 to 24 months."