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WASTE CONNECTIONS REPORTS FOURTH QUARTER RESULTS AND PROVIDES 2017 OUTLOOK
Fourth Quarter 2016 Highlights
- Revenue of $1.049 billion, exceeding outlook
- Reports 3.7% solid waste core price + volume growth
- Net income attributable to Waste Connections of $85.6 million, or $0.49 per share
- Adjusted net income attributable to Waste Connections* of $120.3 million, or $0.68 per share, up 38.8% per share
- Adjusted EBITDA* of $325.4 million, or 31.0% of revenue, exceeding outlook
Full-Year 2016 Highlights
- Revenue of $3.376 billion
- Reports 4.7% solid waste core price + volume growth
- Net cash provided by operating activities of $795.3 million
- Adjusted free cash flow* of $550.9 million, or 16.3% of revenue
Looking at 2017
- Expects revenue of approximately $4.45 billion, excluding additional divestitures and acquisitions
- Expects more than 15% YoY growth in adjusted free cash flow per share
TORONTO, ONTARIO, February 21, 2017 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the fourth quarter of 2016. Revenue in the fourth quarter, which included $497.9 million from the Progressive Waste acquisition completed on June 1, 2016, totaled $1.049 billion, up from $531.9 million in the year ago period. Operating income, which included $23.0 million of impairments and other items primarily related to the expected divestiture of certain assets acquired in the Progressive Waste acquisition and $16.0 million of items also related to that transaction, was $139.2 million compared to $101.7 million in the fourth quarter of 2015, which included acquisition-related transaction costs of $2.9 million associated with the acquisition of Rock River Environmental Services.
Net income attributable to Waste Connections in the fourth quarter was $85.6 million, or $0.49 per share on a diluted basis of 175.9 million shares. In the year ago period, the Company reported net income attributable to Waste Connections of $52.1 million, or $0.42 per share on a diluted basis of 123.1 million shares.
Adjusted net income attributable to Waste Connections* in the fourth quarter was $120.3 million, or $0.68 per share, versus $59.8 million, or $0.49 per share, in the prior year period. Adjusted EBITDA* in the fourth quarter was $325.4 million, as compared to adjusted EBITDA* of $175.6 million in the prior year period. Adjusted net income attributable to Waste Connections, adjusted net income attributable to Waste Connections per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude the impact of acquisition-related items and impairments and other operating items, as reflected in the detailed reconciliation in the attached tables.
“Our acquisition of Progressive Waste made 2016 a transformational year for Waste Connections. More importantly, our culture and operating playbook enabled us to drive significant improvements in safety, quality of revenue and operating performance within these operations, all pacing 12 to 18 months ahead of our initial expectations. This was evident in the fourth quarter as our results once again exceeded expectations. This underlying strength, together with the previously announced acquisition of Groot Industries and continuing improvements in recycled commodity values and E&P waste activity, should position us well for 2017,” said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer.
* A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.
The following information was filed by Waste Connections, Inc. (WCN) on Tuesday, February 21, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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