Exhibit 99.1

 

 

 

WASTE CONNECTIONS REPORTS FOURTH QUARTER RESULTS AND PROVIDES 2019 OUTLOOK

 

Fourth Quarter 2018 Highlights

-Revenue of $1.262 billion, exceeding outlook
-Reports 4.9% solid waste price + volume growth, exceeding outlook
-Net income attributable to Waste Connections of $132.5 million, or $0.50 per share
-Adjusted net income attributable to Waste Connections* of $166.2 million, or $0.63 per share, up 21.2% per share
-Adjusted EBITDA* of $397.2 million, or 31.5% of revenue

 

Full-Year 2018 Highlights

-Revenue of $4.923 billion, up 6.3%
-Net income attributable to Waste Connections of $546.9 million, or $2.07 per share
-Adjusted net income attributable to Waste Connections* of $667.3 million or $2.52 per share, up 16.7% per share
-Adjusted EBITDA* of $1.566 billion, or 31.8% of revenue, up 7.3% and 30 basis points YoY
-Net cash provided by operating activities of $1.411 billion, up 18.9%
-Adjusted free cash flow* of $879.9 million, or 17.9% of revenue, up 15.2%

 

Looking at 2019

-Expects revenue of approximately $5.310 billion, excluding additional acquisitions
-Expects adjusted EBITDA* margin expansion of 30 basis points YoY
-Expects net cash provided by operating activities of approximately $1.525 billion and double digit adjusted free cash flow* per share growth

 

TORONTO, ONTARIO, February 13, 2019

- Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the fourth quarter of 2018.

 

“2018 finished on a high note, as financial results for the fourth quarter exceeded expectations on better than expected solid waste organic growth, E&P waste activity and acquisition contribution. We are also extremely pleased with our results for the full year as adjusted EBITDA* as a percent of revenue expanded 30 basis points, and adjusted free cash flow* increased 15.2%. Increases in both solid waste pricing growth, which was up 130 basis points year-over-year to 4.5%, and E&P waste activity enabled us to overcome the precipitous decline in recycled commodity values and certain cost pressures noted during the year,” said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer.  “The strength of these results continues to reflect the benefits of our purposeful culture, differentiated strategy and disciplined execution.”

 

Mr. Mittelstaedt added, “2018 was also noteworthy for the continuing elevated pace of acquisition activity. Our acquisition of American Disposal in the fourth quarter brought total annualized acquired revenue to more than $360 million for the year, with rollover revenue contribution of approximately $200 million in 2019. Along with continued strong pricing growth, this already positions us for high single digit revenue growth and another 30 basis points adjusted EBITDA* margin expansion in 2019, with any growth in solid waste volumes, E&P waste activity or additional acquisitions providing further upside. We have increased adjusted free cash flow* per share at a compounded rate of more than 15% per year over the past several years, and expect continuing double-digit per share growth in the upcoming year. Our strong financial profile continues to afford the flexibility to fund outsized acquisition activity, an increasing cash dividend 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 Wednesday, February 13, 2019 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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