Waste Connections Sees Revenue Increase

Folsom, Calif.-based Waste Connections reported $262.7 million in revenue for the first quarter, an increase of 4.9 percent from the $250.3 million the firm collected in the same period in 2008. Net income did drop slightly, from $22.5 million in first-quarter 2008 to $22 million this past quarter.

“We are extremely pleased with our results in the quarter and are off to a good start for the year,” said Ronald J. Mittelstaedt, chairman and CEO of Waste Connections, in a press release. “A weakened economy has impacted revenue, but operational improvements and cost controls have enabled us to exceed our outlook for operating income before depreciation and amortization in the quarter and increase free cash flow more than 28% year-over-year. More encouraging though, is that the pace of volume deceleration appears to be slowing such that we may be close to finding bottom.”

TAGS: Financials