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WASTE CONNECTIONS REPORTS FOURTH QUARTER RESULTS AND PROVIDES 2021 OUTLOOK
Fourth Quarter Highlights
|-||Improving solid waste volumes and increasing values for recycled commodities and renewable fuels drive results above expectations|
|-||Revenue of $1.398 billion, net income(a) of $130.7 million, and adjusted EBITDA(b) of $426.6 million, or 30.5% of revenue|
|-||Net income and adjusted net income(b) of $0.50 and $0.68 per share, respectively|
|-||Completes additional acquisitions to bring total acquired annualized revenue for the full year to approximately $180 million|
Looking at 2021
|-||Expects 5.0% solid waste price plus volume growth, 50bps margin expansion, and double-digit percentage growth in adjusted free cash flow(b)|
|-||Expects revenue to be approximately $5.80 billion, excluding additional acquisitions|
|-||Expects net income to be approximately $669 million|
|-||Expects adjusted EBITDA(b) to be approximately $1.80 billion, or about 31.0% of revenue|
|-||Expects net cash provided by operating activities to be approximately $1.575 billion|
|-||Expects adjusted free cash flow(b) to be at least $950 million, or 16.4% of revenue|
|-||Expects double-digit percentage increase in cash dividends and share repurchases|
TORONTO, ONTARIO, February 17, 2021 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the fourth quarter of 2020 and outlook for 2021.
“Q4 capped off a remarkable year for Waste Connections, culminating in a solid beat in the period and providing a higher entry point into 2021. A more than 250 basis points higher than expected improvement in solid waste volumes and increased values for recycled commodities and renewable fuels drove adjusted EBITDA(b) margins 50 basis points above expectations for the quarter. Moreover, we converted more than 50% of adjusted EBITDA(b) to adjusted free cash flow(b) in the year, while positioning ourselves for double-digit percentage growth in adjusted free cash flow(b) in 2021,” said Worthing F. Jackman, President and Chief Executive Officer. “Culture and values have guided our response throughout the pandemic, driving improvement in many areas in addition to financial, including safety, employee engagement, retention, and customer connectivity. We spent over $35 million in 2020 primarily directed to discretionary supplemental pay for frontline employees, and, among other initiatives, increased our minimum wage target to $15/hour, expanded benefits and provided scheduling flexibility to accommodate employee needs.”
Mr. Jackman added, “2020 was also noteworthy for the pace of acquisition activity, which accelerated in the fourth quarter to drive another outsized year of activity and an incremental 2% rollover revenue growth from such acquisitions in 2021. Acquisition dialogue remains elevated and given the strength of our balance sheet, we remain well positioned to fund additional acquisitions, while also increasing return of capital to shareholders through opportunistic share repurchases and dividend growth. With expected solid waste pricing plus volume growth of 5% and increasing recycling and renewable fuels values, 2021 is already positioned for continued growth and margin expansion, with upside from any further reopening activity, recovery in the economy, or acquisitions completed during the year.”
Mr. Jackman continued, “The strength of our results in 2020 and expectations for 2021 reflect our purposeful culture and differentiated strategy; moreover, they are a testament to the tireless efforts of our dedicated essential workers. We are extremely grateful for our employees’ efforts to drive not only outsized financial performance during this challenging period but operational excellence as well, as they honor commitments to our customers, communities and each other.”
The following information was filed by Waste Connections, Inc. (WCN) on Wednesday, February 17, 2021 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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