Waste Connections Net Income, Revenue Climb in Second Quarter

Waste Connections Inc. net income and revenue increased for its second quarter.

Net income for the quarter ended June 30 for The Woodlands, Texas-based company rose 3.7 percent, or 35 cents per diluted share, to $44 million, the company said in a news release. A year ago net income for the period totaled $42.4 million, or 34 cents per diluted share.

Revenue jumped 19.1 percent to $489.4 million in the latest quarter compared with $410.7 million in the year-ago period.

For the first six months, net income advanced 16 percent to $85.5 million, or 69 cents per diluted share, from $73.7 million, or 61 cents per diluted share, in the year-ago period.

Revenue increased 19.3 percent for the first half to $939.3 million compared with $787.2 million a year earlier.

Operating income in 2013 included a cost of approximately $13.9 million connected to the company’s move from California to Texas.

"Favorable solid waste trends experienced earlier this year accelerated during the second quarter, resulting in revenue, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and adjusted free cash flow all exceeding our expectations,” said Ron Mittelstaedt, Waste Connections chairman and CEO.

He said the company expects to move $10 million of next year’s expected purchases of compressed natural gas (CNG) vehicles to this year and to begin construction of a new exploration and production (E&P) landfill in 2014.