Waste Connections Posts Higher Net Income for Quarter, Year

Waste Connections Inc. reported higher net income for its fourth quarter and year, on the strength of various revenue increases and cost controls.

For the quarter ended Dec. 31, The Woodlands, Texas-based Waste Connections said net income rose 5 percent to $38 million, or 34 cents per diluted share, compared with $36.1 million, or 31 cents per diluted share, in the 2010 period, the company said in a news release.

Revenue for the fourth quarter climbed 13 percent to $379.8 million compared with $336 million a year earlier.

For the year, Waste Connections net income increased 2 percent to $165.2 million, or $1.45 per diluted share, compared with $135.1 million, or $1.16 per diluted share, for 2010.

Revenue jumped 14.1 percent to $1.51 billion compared with $1.32 billion the previous year.

"We are extremely pleased with our results in the quarter and full year,” said Ron Mittelstaedt, Waste Connections chairman and CEO. “Better than expected pricing growth in the quarter, increased special waste volumes, and tight cost controls helped cushion the impact of a 30-percent decline in recycled fiber values during the first half of the fourth quarter. Continued strength in core pricing growth, relative stability in municipal solid waste volumes, and recent modest increases in recycled fiber values should provide a good springboard into 2012."