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WASTE CONNECTIONS REPORTS FIRST QUARTER 2019 RESULTS
|-||Revenue of $1.245 billion, exceeding outlook|
|-||Reports over 5.0% solid waste price growth, exceeding high end of outlook|
|-||Net income attributable to Waste Connections of $125.6 million, or $0.48 per share|
|-||Adjusted net income attributable to Waste Connections* of $163.9 million, or $0.62 per share, up 10.7% per share|
|-||Adjusted EBITDA* of $385.7 million, or 31.0% of revenue, exceeding outlook|
|-||Net cash provided by operating activities of $363.8 million|
|-||Adjusted free cash flow* of $246.3 million, or 19.8% of revenue|
|-||Signs or closes acquisitions YTD with approximately $100 million total annualized revenue|
TORONTO, ONTARIO, April 24, 2019 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the first quarter of 2019.
“We are extremely pleased with the strong start to the year which, along with expected sequential improvement in volume growth and recently completed acquisitions, positions us well for the remainder of 2019. Continuing strength in solid waste price growth once again drove underlying margin expansion and better than expected financial results in the quarter, enabling us to overcome weather-related impacts across multiple markets and further declines in recycled commodity values. In addition, adjusted free cash flow* of almost 20% of revenue in the quarter puts us solidly on track to achieve our full year outlook of $950 million,” said Worthing F. Jackman, President.
Mr. Jackman added, “Year-to-date, we’ve signed or closed acquisitions with total annualized revenue of approximately $100 million, putting us on pace to potentially deliver another outsized year of acquisition activity. These acquisitions include new market entries in Colorado, Illinois and Iowa, and tuck-ins in Colorado, Montana, Nebraska, New York and Wyoming. Our strong financial profile and free cash flow generation provide us the flexibility to fund continuing outsized acquisition activity while increasing the return of capital to shareholders.”
Q1 2019 Results
Revenue in the first quarter totaled $1.245 billion, up from $1.140 billion in the year ago period. Operating income, which included $16.1 million in impairments and other operating items, was $184.9 million; this compares to $188.7 million in the year ago period. Net income attributable to Waste Connections in the first quarter was $125.6 million, or $0.48 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 $124.9 million, or $0.47 per share on a diluted basis of 264.6 million shares.
Adjusted net income attributable to Waste Connections* in the first quarter was $163.9 million, or $0.62 per share, versus $148.6 million, or $0.56 per share, in the prior year period. Adjusted EBITDA* in the first quarter was $385.7 million and 31.0% of revenue, as compared to adjusted EBITDA* of $356.9 million and 31.3% 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 and impairments and other operating items, as reflected in the detailed reconciliations in the attached tables.
* A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.
The following information was filed by Waste Connections, Inc. (WCN) on Wednesday, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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