Waste Connections Net Income Falls for Quarter, YearWaste Connections Net Income Falls for Quarter, Year

Waste Connections Inc. reported lower net income for its quarter and year, despite higher revenue for the periods.

The Woodlands, Texas-based Waste Connections said for the final quarter ended Dec. 31 net income fell 5 percent to $36 million, or 29 cents per diluted share, compared with $38 million, or 34 cents per share, in the 2011 period.

Revenue increased 18.2 percent to $448.8 million for the quarter, compared with $379.8 million in 2011, according to a news release.

For the year, net earnings dropped 4 percent to $159.1 million, or $1.31 per diluted share, compared with $165.2 million, or $1.45 per diluted share, in 2011.  Revenue rose 10.4 percent to $1.66 billion compared with $1.51 billion a year earlier.

"Better than expected pricing growth, disposal volumes and recycled commodity values enabled us to exceed the upper end of our fourth-quarter outlook for solid waste,” said Ronald Mittelstaedt, Waste Connections chairman and CEO. "Revenue and margins within E&P (gas exploration and production) waste, however, were hampered by a combination of the sector-wide slowdown in E&P activity during the quarter and incremental start-up costs at new facilities.”

For 2013 the company expects revenue between $1.925 billion and $1.95 billion.