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Waste Connections Reports Strong Q3 2024 Results, Raises 2025 Outlook
Waste Connections, Inc. has announced its financial performance for the third quarter of 2024, which exceeded expectations and positions the company for continued growth in 2025.
3 Min Read
Waste Connections, Inc. (Waste Connections) has announced its financial performance for the third quarter of 2024 (Q3), which exceeded expectations and positions the company for continued growth in 2025.
In Q3 of this year, Waste Connections reported revenue of $2.338 billion, an increase of 13.3% year over year from $2.065 billion in 2023. Operating income also significantly increased, reaching $475.3 million, compared to $353.0 million reported in the same period last year. The company’s Operating Income growth was achieved despite $8.1 million in transaction-related expenses and $3.0 million in impairments and other operating items.
Waste Connection’s net income for Q3 was $308.0 million, up from $229.0 million during 2023’s third quarter. Adjusted net income for Waste Connections reached $350.0 million in the quarter, compared to $303.1 million in the same quarter last year. Adjusted EBITDA also saw a significant increase, reported at $787.4 million, up from $671.2 million from the year prior.
"We are extremely pleased by the strength of our operating and financial results in the period, positioning for another increase to our full year 2024 outlook, with momentum as we look ahead to 2025,” said Ronald J. Mittelstaedt, President and Chief Executive Officer.
“Solid waste growth led by 6.8% core pricing was supplemented by incremental acquisition contributions and 90 basis points sequential improvement in solid waste volumes during the period to drive results above expectations. Solid operational execution enabled us to deliver adjusted EBITDA margin of 33.7% in the third quarter, as expected, up 120 basis points year over year, overcoming margin dilution from acquisitions closed during the quarter and storm-related impacts at quarter-end.”
The first nine months of 2024 are pacing Waste Connections ahead of 2023 in multiple categories. Waste Connections reported revenue of $6.659 billion in the year’s first nine months, up from $5.986 billion in the same period last year. Operating income for the year-to-date (ending September 30, 2024) period increased to $1.267 billion, compared to $1.1012 billion last year. Additionally, Waste Connection reports net income reached $813.6 million, compared to $636.0 million in 2023, and adjusted EBITDA at $2.170 billion, up from $1.867 billion last year.
Based on the company’s strong performance this year, Waste Connections has updated its outlook for the remaining quarter of 2024 and is optimistic about 2025. Waste Connections now estimates its revenue to be approximately $8.9 billion for the year, up $150 million from the company’s original outlook. Net income is now estimated to be approximately $1.082 billion, and adjusted EBITDA is estimated to be about $2.910 billion.
"As anticipated, the strength of our operating performance, free cash flow generation, and balance sheet positioned us for another double-digit increase to our quarterly cash dividend, demonstrating once again the compatibility of funding our differentiated growth strategy and acquisition activity, along with an increasing return of capital to shareholders,” said Mittelstaedt.
Mittelstaedt ended Waste Connection’s earnings call today recognizing the commitment and hard work of the 24,000 employees at the company and specifically acknowledged the work of the company’s teams during the recent hurricanes in the Southeast of the United States.
“I couldn’t be prouder of their efforts to support our teams putting safety and well-being first, while also providing essential services to promote public health and welfare under challenging conditions. Their commitment, as demonstrated by preparedness and diligence, exemplifies servant leadership and truly changes lives. We’re humbled by the commitment of all our frontline employees, who strive for excellence every day,” said Mittelstaedt.
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