Waste Connections Announces First-Quarter Results

Waste Connections, Folsom, Calif., reports a net income of $22.4 million on revenues of $219 million for first-quarter 2008. Both are decreases from a net income of $23.1 million on revenues of $250 million for the same quarter 2007.

"We continue to be extremely pleased with the underlying strength of our business in the face of spiraling fuel costs and more difficult weather conditions during the quarter,” said Ronald Mittelstaedt, chairman and CEO of Waste Connections, in a press release. “Excluding the dilutive margin impact of acquisitions completed since the year ago period, operating margins were almost flat year-over-year despite an almost 40 percent increase in average fuel costs, resulting in fuel as a percentage of revenue increasing more than 150 basis points in the quarter."