Waste Connections and Stericycle experience revenue growth in fourth quarter.
Folsom, Calif.-based Waste Connections began 2010 with getting some good news about the end of 2010.
During the fourth quarter of last year, the firm took in $309.9 million in revenue and posted a net income of $23.6 million. In the same period in 2008,brought in $259.6 million in revenue and posted a net income of $28.5 million.
During all of 2009, the firm took in $1.2 billion in revenue and made a net income of $109.8 million. Both figures are increases from 2008, when Waste Connections brought in $1.05 billion in revenue and made a net income of $102.9 million.
Waste Connections Chairman and CEO Ronald Mittelstaedt attritubed the jump in fourth-quarter revenue in part to organic growth and some recent acquisitions.
“We believe many of the drivers for further improvement in 2010 are already in place: core pricing, sequentially improving volume growth, higher recycled commodity prices, lower-priced fuel hedges and reduced capital expenditures,” Mittelstaedt said in a press release. “These drivers should produce strong double-digit growth in earnings per share and another record year for free cash flow.”
Lake Forest, Ill.-based Stericycle also reported an increase in fourth quarter revenue. In the last quarter of 2009, the firm, which provides medical waste disposal services, brought in $313.5 million in revenue and posted a net income of $44.6 million. During the same period in 2008, brought in $274 million in revenue and posted a net income of $39.1 million.
For the entire year of 2009, Stericycle reported a net income of $175.7 million on $1.18 billion in revenue. In 2008, the firm reported a net income of $148.7 million on $1.08 in revenue.