Waste Connections Q1 Profit Rises - Update

(RTTNews) - Waste disposal services provider Waste Connections Inc. (WCN), Monday reported an increase in profit for the first quarter, as revenues increased 7 percent reflecting increased volumes. Both earnings and revenues for the quarter came in ahead of Wall Street estimates.

Woodlands, Texas-based Waste Connections' first-quarter profit rose to $49.0 million or $0.39 per share from $41.6 million or $0.34 per share a year ago.

Adjusted earnings for the quarter improved to $54.5 million or $0.44 per share from $45.7 million or $0.37 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.41 per share for the first quarter. Analysts' estimates typically exclude special items.

Revenue for the first quarter grew 7.1 percent to $481.7 million from $449.9 million a year earlier. Analysts estimated revenues of $473.71 million for the quarter.

"Notable strength in solid waste disposal volumes and an almost 20 percent increase in E&P waste activity once again drove better than expected margins and free cash flow in the period," said Chief Executive Ronald Mittelstaedt.

Waste Connections is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S.

WCN closed Wednesday's trading at $42.68, down $0.01 or 0.02%, in after-hours trade.