Waste Connections Inc. reported lower net income for its quarter and year, despite higher revenue for the periods.
The Woodlands, Texas-based Waste Connections said for the final quarter ended Dec. 31 net income fell 5 percent to $36 million, or 29 cents per diluted share, compared with $38 million, or 34 cents per share, in the 2011 period.
Revenue increased 18.2 percent to $448.8 million for the quarter, compared with $379.8 million in 2011, according to a news release.
For the year, net earnings dropped 4 percent to $159.1 million, or $1.31 per diluted share, compared with $165.2 million, or $1.45 per diluted share, in 2011. Revenue rose 10.4 percent to $1.66 billion compared with $1.51 billion a year earlier.
"Better than expected pricing growth, disposal volumes and recycled commodity values enabled us to exceed the upper end of our fourth-quarter outlook for solid waste,” said Ronald Mittelstaedt, Waste Connections chairman and CEO. "Revenue and margins within E&P (gas exploration and production) waste, however, were hampered by a combination of the sector-wide slowdown in E&P activity during the quarter and incremental start-up costs at new facilities.”
For 2013 the company expects revenue between $1.925 billion and $1.95 billion.