Waste Connections Reports Fourth-Quarter Gains

Waste Connections, Folsom, Calif., has reported a net income of $27.9 million on revenues of $259.6 million for fourth-quarter 2008, both increases from a net income of $22.8 million on revenues of $247.8 million for the same quarter in 2007.

For the year, the company reported a net income of $105.6 million on revenues of $1.05 billion, which also are both increases from a net income of $99.1 million on revenues of $958.5 million in 2007.

"We are extremely pleased with our results in the fourth quarter especially in light of the most challenging macro environment we have ever experienced,” said Ronald Mittelstaedt, chairman and CEO, in a press release. “A contracting economy, precipitous drop in recycling commodity prices and difficult weather conditions in the Pacific Northwest weighed on revenue. However, continued pricing strength and operational improvements drove our margin for operating income before depreciation and amortization, excluding acquisition-related costs, about 100 basis points above the upper end of our outlook for the quarter.”