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WASTE CONNECTIONS REPORTS SECOND QUARTER 2018 RESULTS
AND RAISES FULL YEAR OUTLOOK
|-||Revenue of $1.240 billion, exceeding outlook|
|-||Net income attributable to Waste Connections of $138.7 million, or $0.52 per share|
|-||Adjusted net income attributable to Waste Connections* of $172.3 million, or $0.65 per share, up 18.2%|
|-||Adjusted EBITDA* of $395.5 million, or 31.9% of revenue|
|-||YTD net cash provided by operating activities of $664.9 million|
|-||YTD adjusted free cash flow* of $472.7 million, or 19.9% of revenue|
|-||Completes previously announced acquisitions, bringing YTD acquired annualized revenue to approximately $175 million|
TORONTO, ONTARIO, July 24, 2018 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the second quarter of 2018. Revenue in the second quarter totaled $1.240 billion, up from $1.176 billion in the year ago period. Operating income was $210.7 million, which included $7.1 million of impairments and other operating items primarily associated with the Company’s termination of certain contracts assumed in the Progressive Waste acquisition, and $5.6 million in acquisition-related costs; this compares to $206.9 million in the year ago period, which primarily included $7.4 million in charges related to share-based compensation costs associated with share-based awards assumed in the Progressive Waste acquisition.
Net income attributable to Waste Connections in the second quarter was $138.7 million, or $0.52 per share on a diluted basis of 264.3 million shares. In the year ago period, the Company reported net income attributable to Waste Connections of $123.7 million, or $0.47 per share on a diluted basis of 264.1 million shares.
Adjusted net income attributable to Waste Connections* in the second quarter was $172.3 million, or $0.65 per share, versus $145.5 million, or $0.55 per share, in the prior year period. Adjusted EBITDA* in the second quarter was $395.5 million and 31.9% of revenue, as compared to adjusted EBITDA* of $373.6 million and 31.8% of revenue 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 acquisition-related items, as reflected in the detailed reconciliations in the attached tables.
“Continued strength in solid waste pricing growth, E&P waste activity and acquisition contribution enabled us to exceed our outlook for the period, overcoming increased headwinds from recycling and a weather-delayed ramp in special waste activity across many markets. We are especially pleased with our year-to-date adjusted EBITDA* margin expansion and adjusted free cash flow* generation in spite of these headwinds, as well as our upwardly revised outlook for the full year,” said Ronald J. Mittelstaedt, Chief Executive Officer and Chairman.
Mr. Mittelstaedt added, “Looking ahead to 2019, we believe we should be well-positioned for above average revenue growth and margin expansion as current favorable trends for solid waste pricing, E&P waste activity and acquisition contribution should continue, while the current recycling headwinds and reported negative volume growth primarily associated with our purposeful shedding of lower quality solid waste revenues, should abate. Our strong financial profile and free cash flow generation provide us the flexibility to not only invest in new growth projects and fund expected continuing above-average acquisition activity, but to also increase our return of capital to shareholders through double-digit percentage increases in our quarterly dividend each October and opportunistic share repurchases.”
* A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.
The following information was filed by Waste Connections, Inc. (WCN) on Tuesday, July 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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