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GFL Environmental Inc. (NYSE: GFL, TSX: GFL) is a prominent environmental services company based in Vaughan, Ontario. As the fourth largest diversified environmental services company in North America, GFL offers a wide array of services including solid waste management, liquid waste management, and soil remediation. With over 140 strategically located facilities across Canada and Michigan, GFL provides essential services to more than 2.5 million households and over 80,000 industrial, commercial, and institutional customers.
GFL's core business lines include the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste, which generates the majority of their revenue. Their Environmental Services segment encompasses liquid waste management and soil remediation services. The company derives most of its revenue from operations in the United States, with significant activities also in Canada.
GFL is committed to sustainability and environmental responsibility. Recent projects include sustainability investments and the ongoing execution of a robust M&A strategy aimed at enhancing their market footprint. The company has recently announced growth capital expenditures focused on sustainability and accretive opportunities, with an expected deployment of up to $900 million in 2024. These investments are anticipated to generate substantial incremental Adjusted EBITDA starting from Q4 2024.
Financially, GFL is focused on disciplined capital allocation to achieve an investment-grade credit rating. They have outlined a clear strategy to de-lever the business and maintain a strong balance sheet. GFL's first Renewable Natural Gas (RNG) facility at Arbor Hills is now online, and several other RNG projects are projected to come online between Q4 2024 and 2026.
With a workforce of over 20,000 employees, GFL's unwavering commitment to safety, compliance, and customer service excellence sets them apart as a leader in the environmental services industry. Their comprehensive approach and ongoing innovation ensure they meet and exceed environmental and legislative requirements, fostering greater environmental responsibility within the communities they serve.
GFL Environmental reported strong Q3 2024 results with revenue of $2,014.7 million, up 9.3% excluding divestitures. The company achieved its highest-ever Adjusted EBITDA margin of 31.1%, a 300 basis point increase year-over-year. Net income reached $110.6 million, compared to $18.3 million in Q3 2023. Solid Waste revenue was $1,554.2 million with 6.0% core pricing growth. The company's Environmental Services sale process is progressing with expected net proceeds of at least $6 billion. GFL maintained its 2024 guidance and announced a planned COO transition effective January 2025.
Patrick Dovigi, Chairman, President and CEO of GFL Environmental, announced an internal reorganization of the Dovigi Group's holdings of multiple voting shares (MVS) on October 31, 2024. The reorganization involved the Dovigi Group's holdings, which includes Mr. Dovigi, his family members, and discretionary trusts. The change was purely structural, with the Dovigi Group maintaining ownership of 11,812,964 MVS, representing 100% of outstanding MVS. The reorganization shifted from indirect ownership through holding entities to direct ownership and control, with no change in the total number of shares owned.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) has announced the release date for its 2024 third quarter financial results. The company will release the results after market close on Wednesday, November 6, 2024, followed by an investor conference call on Thursday, November 7, 2024, at 8:30 am Eastern Time.
Investors can access the conference call through various methods:
- A live audio webcast on the company's Investors page at investors.gflenv.com
- Toll-free dial-in numbers: 1-833-950-0062 (Canada) or 1-833-470-1428 (United States)
- Access code: 836126
GFL encourages participants to pre-register for the call using a provided link, which will grant them immediate access to the call on the day of the event.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) and OPAL Fuels Inc. (Nasdaq: OPAL) have announced the commencement of commercial operations at their second renewable natural gas (RNG) facility through their joint venture, Paragon RNG. The facility, located at the Sampson County Landfill in Roseboro, North Carolina, is now producing and injecting pipeline-quality RNG.
The Sampson RNG facility has a nameplate design capacity of approximately 1.6 million MMbtu (12.4 million GGE) per year of RNG. When used as transportation fuel to replace diesel, this RNG can reduce fleet operating costs and avoid GHG emissions equivalent to achieving zero Scope 1 and Scope 2 emissions from more than 900 heavy-duty trucks.
This project marks OPAL Fuels' 10th operational plant, bringing their operating portfolio to approximately 7.8 million MMBtu of annual nameplate design capacity, more than tripling over the past 30 months.
GFL Environmental announced a quarterly cash dividend of US$0.014 per share for both outstanding subordinate voting shares and multiple voting shares. The dividend is for the third quarter of 2024 and will be paid on October 31, 2024 to shareholders of record as of the close of business on October 16, 2024. The company has designated this dividend as an eligible dividend under the Income Tax Act (Canada). This announcement demonstrates GFL's commitment to providing returns to its shareholders and maintaining its dividend policy.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) has announced the pricing of US$210 million in aggregate principal amount of Florida Development Finance Solid Waste Disposal Revenue Bonds at 4.375%. The Bonds, which were significantly oversubscribed, have an initial mandatory tender date of October 1, 2031. The proceeds will be loaned to a GFL subsidiary to finance or refinance solid waste disposal facilities in Florida. This unsecured obligation will be guaranteed by GFL and certain subsidiaries.
GFL is pursuing this Bond Offering ahead of the maturity of its 3.750% Senior Secured Notes due 2025, aiming to shift more debt from secured to unsecured, extend debt maturities, and maintain balance sheet flexibility. The Bonds are being offered only to qualified institutional buyers under Rule 144A of the Securities Act and have not been registered under the Securities Act.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) has announced plans to participate in a US$210 million tax-exempt industrial revenue bond offering. The Florida Development Finance will issue the bonds, with proceeds loaned to a GFL subsidiary to finance or refinance solid waste disposal facilities in Florida. This unsecured obligation will be guaranteed by GFL and certain subsidiaries.
GFL is pursuing this offering ahead of its 3.750% Senior Secured Notes due 2025, aiming to shift more debt from secured to unsecured, aligning with an investment grade capital structure. The company intends to extend debt maturities and maintain balance sheet flexibility. The bonds will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and have not been registered under the Securities Act.
GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) has announced that HPS Investment Partners, has converted 14,565,543 Series A Preferred Shares into 16,000,000 subordinate voting shares. The converted shares were subsequently sold in a block trade at US$39.60 per share. This conversion and sale represent a significant change in GFL's capital structure and ownership composition. The transaction may impact the company's stock price and voting power distribution among shareholders.
GFL Environmental reported strong Q2 2024 results, surpassing guidance and raising full-year 2024 outlook for the second time. Key highlights include:
- Revenue of $2,060.0 million, up 11.1% excluding divestitures
- Adjusted EBITDA of $591.1 million, up 13.9% excluding divestitures
- Adjusted EBITDA margin of 28.7%, up 90 basis points
- Solid Waste price increase of 6.5% excluding divestitures
- Year-to-date acquisitions generating ~$100 million in annualized revenue
GFL raised its full-year 2024 guidance, projecting Adjusted EBITDA of $2,240-$2,250 million and an Adjusted EBITDA margin of 28.4%, up 170 basis points year-over-year. The company is exploring potential asset sales, including its Environmental Services business, to accelerate deleveraging and fund stock buybacks.
GFL Environmental (NYSE: GFL) has announced a quarterly cash dividend of US$0.014 per subordinate and multiple voting share for Q2 2024. The dividend is payable on July 31, 2024, to shareholders recorded by July 15, 2024. This dividend is categorized as an eligible dividend under Canada's Income Tax Act.
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