Waste Connections Posts Higher Net Income for Quarter

Waste Connections Inc. posted stronger net income and revenue for its third quarter.

The Woodlands, Texas-based waste and recycling firm said in a news release that net income attributable to the company for the quarter ended Sept. 30 rose 6.6 percent to $49.4 million, or 40 cents per diluted share, compared with $46.3 million, or 41 cents per diluted share, in the year ago-period.

Revenue climbed 5.4 percent to $425.7 million in the 2012 quarter compared with $404 million in 2011.

For the first nine months, net income fell 3.3 percent to $123.1 million, or $1.02 per diluted share, compared with $127.3 million, or $1.12 per diluted share, in the year-ago period. Revenue increased 7.7 percent to $1.21 billion compared with $1.13 billion in 2011.

The company said it was pleased with its performance despite general issues such as lower commodity prices. “We believe the strength of our operating performance continues to demonstrate the resiliency of our differentiated strategy," said Ron Mittelstaedt, chairman and CEO. "Although the direction of the economy remains uncertain, we are encouraged both by recent improvements in construction data and increases since early October in recycled commodity prices."