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Waste Connections, Inc. (NYSE/TSX: WCN) is a leading provider of comprehensive waste management services in North America. The company operates across 46 U.S. states, six Canadian provinces, and the District of Columbia, servicing approximately nine million residential, commercial, industrial, and energy sector customers. Waste Connections offers a range of services that include waste collection, transfer, disposal, and recycling. Additionally, through its R360 Environmental Solutions subsidiary, the company provides non-hazardous oilfield waste treatment, recovery, and disposal services in key natural resource producing areas in the U.S., such as the Permian, Bakken, and Eagle Ford basins.
Waste Connections' strategic focus is on secondary and suburban markets with favorable demographic growth trends and high barriers to entry, which ensures a stable customer base and less competition. The company is the third-largest integrated provider of traditional solid waste and recycling services in North America, operating 103 active landfills, 157 transfer stations, and 81 recycling facilities.
In recent news, Waste Connections has been active in expanding its footprint and service portfolio. In December 2023, its subsidiary, Waste Connections of Canada Inc., entered into an agreement to acquire 30 energy waste treatment and disposal facilities from Secure Energy Services Inc. for approximately CAD 1.075 billion. This acquisition, expected to close in Q1 2024, will bolster Waste Connections' presence in Western Canada’s oil and gas basins.
Financially, Waste Connections reported revenue of $8.022 billion for the fiscal year 2023, with an adjusted EBITDA of $2.523 billion. The company continually seeks to expand through strategic acquisitions and investments in high-margin operations, which have driven robust growth and improved margins. In Q1 2024, Waste Connections reported $2.073 billion in revenue, reflecting a strong start to the year.
Environmental, Social, and Governance (ESG) initiatives are integral to Waste Connections' operations. The company is committed to reducing emissions, enhancing resource recovery, and improving safety protocols. These efforts are aimed at creating long-term value for stakeholders while ensuring sustainable operations.
The company's leadership in waste management and its proactive acquisition strategy position Waste Connections as a significant player in the industry, delivering reliable and efficient waste management solutions to a diverse customer base.
AMP Robotics Corp. has raised $91 million in a Series D funding round led by Congruent Ventures, with participation from notable investors like Sequoia Capital, XN, Blue Earth Capital, and others. The funds will accelerate the deployment of AMP's AI-powered AMP ONE™ systems, designed to sort municipal solid waste (MSW) and single-stream recycling efficiently. AMP recently partnered with Waste Connections (NYSE: WCN) to equip and operate a recycling facility in Colorado. The company's AI-driven technology aims to improve recycling rates, lower sortation costs, and extend landfill life by capturing more material value. AMP's deep learning software processes millions of material images to identify recyclables and contaminants in real-time, enabling innovative recycling capabilities. The company has also expanded its leadership team, with Tim Stuart as CEO and Matanya Horowitz as CTO.
Waste Connections (WCN) has partnered with AMP Robotics to establish an AI-powered recycling facility in Commerce City, Colorado, set to launch in early 2026. The facility will feature AMP ONE™ system and AMP Smart Sortation™ technology, capable of processing up to 62,000 tons of single-stream recycling annually. The system will operate on a pay-per-ton contract basis, offering automated sorting, targeted commodity extraction, and custom feedstock blends. This partnership expands on their existing collaboration, which includes the deployment of over 50 AI-guided robotics systems across Waste Connections' facilities.
Waste Connections (WCN) has released its 2024 Sustainability Report, highlighting significant progress in its ESG initiatives. The company achieved a 40% reduction in emissions intensity from its 2019 baseline, with absolute emissions down 13%. Employee engagement showed marked improvement with a 22% decline in voluntary turnover in 2023, extending to over 40% from 2022 peak levels.
Safety metrics improved with a 7% reduction in incident rates in 2023, reaching a 13% decline from 2022 levels. The company has initiated electric vehicle testing in New York City and continues to increase recycling and biogas recovery efforts. These achievements align with their commitment to long-term value creation while maintaining sustainable business practices across their operations serving nine million customers in the U.S. and Canada.
Waste Connections (WCN) has announced a 10.5% increase in its quarterly cash dividend, raising it from $0.285 to $0.315 per common share. The dividend will be paid on November 21, 2024 to shareholders of record as of November 7, 2024. U.S. shareholders will receive payments in USD, while Canadian shareholders will receive payments in CAD based on the Bank of Canada's exchange rate on November 7, 2024. The Board plans to review the dividend annually in October with a long-term goal of continued increases.
Waste Connections (WCN) reported strong Q3 2024 results with revenue reaching $2.338 billion, up 13.3% year-over-year. Net income was $308.0 million with adjusted EBITDA of $787.4 million, up 17.3%. The company increased its quarterly dividend by 10.5% and raised its full-year 2024 outlook to $8.9 billion in revenue, up $150 million from original outlook. Solid waste growth was led by 6.8% core pricing and improved solid waste volumes. The company is on track for acquisitions totaling over $700 million in annualized revenue, with an estimated 2% rollover revenue contribution expected in 2025.
Waste Connections (TSX/NYSE: WCN) has announced the dates for its third quarter 2024 earnings release and conference call. The company will report financial results after market close on October 23, 2024, followed by an investor conference call on October 24th at 8:30 A.M. Eastern Time. Investors can access the call via webcast or preregister for dial-in instructions. A replay will be available until October 31, 2024.
Waste Connections is an integrated solid waste services company operating across 46 U.S. states and 6 Canadian provinces. It serves approximately nine million customers, providing non-hazardous waste collection, transfer, disposal, and resource recovery services. The company emphasizes its commitment to Environmental, Social, and Governance (ESG) initiatives, focusing on emissions reduction, resource recovery, and employee engagement.
Texas Pacific Land (NYSE: TPL) has announced the closing of two acquisitions in the Permian Basin for $169 million in cash. The acquisitions include:
1. Mineral interests across 4,106 net royalty acres in Culberson County, Texas, overlapping existing TPL royalty acreage and surface acreage.
2. Surface asset spanning 4,120 acres in Martin County, Texas, generating revenue from water supply, produced water disposal, and other surface-related activities.
The combined asset purchase price implies a >13% 2025 free cash flow yield at current strip prices. TPL expects these high-quality assets to immediately contribute to free cash flow and provide substantial incremental value to their legacy asset base.
Waste Connections (TSX/NYSE: WCN) has received approval from the Toronto Stock Exchange for the annual renewal of its normal course issuer bid (NCIB). The company plans to purchase up to 12,901,981 common shares, representing 5% of its issued and outstanding shares, over the next 12 months. Daily repurchases will be to a maximum of 60,089 common shares on the TSX and 25% of the average daily trading volume on the NYSE.
The NCIB will run from August 12, 2024, to August 11, 2025. Waste Connections believes that share repurchases align with its objective to return capital to shareholders over time. The company has not purchased any shares under its current NCIB, which expires on August 9, 2024.
Waste Connections (WCN) has announced changes to its Board of Directors. Cherylyn Harley LeBon, 58, will join the Board and its Compensation Committee effective August 1, 2024, filling the vacancy created by Larry S. Hughes' resignation. LeBon, a partner at Womble Bond Dickinson (US) LLP, brings extensive experience in corporate governance, business strategy, and government relations. She has previously held senior roles in the U.S. Small Business Administration and the Department of Veterans Affairs.
Ronald J. Mittelstaedt, President and CEO, expressed confidence in LeBon's addition to the Board, citing her diverse background and expertise. The company also thanked Hughes for his decade of service, acknowledging his valuable contributions as an attorney and in C-suite level leadership roles.
Waste Connections has declared a regular quarterly cash dividend of $0.285 per common share. The dividend will be paid on August 22, 2024 to shareholders of record by the close of business on August 7, 2024. Payments will be made in U.S. dollars for shares held by U.S. depositary DTC participants, and in Canadian dollars for shares held by Canadian depositary CDS participants, based on the Bank of Canada's daily average exchange rate on August 7, 2024. Shareholders holding shares directly with Computershare will receive payments in Canadian dollars if they are Canadian residents, and in U.S. dollars if they are not. The Board intends to review the dividend each October with a goal of increasing it over the long term.
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