Waste Connections’ Profits Fall 14.2 Percent in First Period

Allan Gerlat, News Editor

April 26, 2012

1 Min Read
Waste Connections’ Profits Fall 14.2 Percent in First Period

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."

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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