Folsom, Calif.-based Waste Connections reported a net income of $30.4 million on $302.8 million in revenue for the second quarter of 2009. During the same period last year, the firm reported a net income of $25.6 million on $267 million in revenue.
During the first six months of 2009, Waste Connections recorded a net income of $52.4 million on $565.5 million in revenue. During the same period in 2008, the firm recorded a net income of $48 million on $517.3 million in revenue.
“Stabilizing volumes, contribution from recently completed acquisitions, and aggressive expense management enabled us to exceed our expectations for the second quarter,” said Ronald J. Mittelstaedt, chairman and CEO, in a press release. “In response to the precipitous drop in the economy in late 2008, we reduced our headcount by about 10 percent, including a company-wide reduction in force in April, and instituted a number of wage and cost controls. The relative stability we experienced in the recent quarter, together with our low financial leverage and strong free cash flow, provided us the comfort to resume our share repurchase program while retaining flexibility to fund our future growth strategy.”
Mittelstaedt added that Waste Connections completed its purchase divested assets from Republic during the second quarter and that the firm has entered into an agreement to acquire Sanipac Inc., an Oregon-based hauler. That purchase is slated to close during the third quarter, he said.