Waste Connections Reports Q1 Results

Lynn Schenkman

Folsom, Calif. -- Waste Connections Inc. announced first quarter earnings of 49 cents per diluted share on a diluted basis of 32.7 million shares. Revenue for the first quarter of 2003 was $128.5 million, a 21.5 percent increase over revenue of $105.7 million in the first quarter of 2002. Operating income was $33.2 million, a 14.4 percent increase over operating income of $29 million in the first quarter of 2002. New York-based JP Morgan Environmental Securities Research Division says the company’s franchise-heavy industrial-volume business model enabled the company to generate strong operating earnings despite weak volumes owing to weather and economic pressures.