Waste Connections Posts Earnings, Revenue Jump for 2013Waste Connections Posts Earnings, Revenue Jump for 2013
February 11, 2014
Waste Connections Inc. posted increased net earnings and revenue for its fourth quarter and year, fueled in part by stronger solid waste disposal volumes.
For The Woodlands, Texas-based Waste Connections net income for the quarter ended Dec. 31 climbed 37.3 percent to $49.4 million, or 40 cents per diluted share, compared with $36 million, or 29 cents per diluted share, in the year-ago period.
Revenue rose 8.3 percent to $485.9 million from $448.8 million in the 2012 period, according to a news release.
"Continuing strength in solid waste disposal volumes, E&P (exploration and production) waste and roll-off activity enabled us to exceed the upper end of our fourth-quarter outlook and provide a good entry point into 2014,” said Ron Mittelstaedt, chairman and CEO.
For the year, net income increased 23 percent to $195.7 million, or $1.58 per diluted share, compared with $159.1 million, or $1.31 per diluted share, in earlier period. Revenue advanced 16.1 percent to $1.93 billion from $1.66 billion in 2012.
For 2014, Waste Connections expects earnings before interest, taxes, depreciation and amortization (EBITDA) of between $700 million and $705 million, and revenue between $2.02 billion and $2.04 billion.