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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.
Waste Connections reported a strong first quarter of 2023, achieving revenue of $1.901 billion, a 15.4% increase year-over-year. Net income was $197.8 million, translating to $0.77 per diluted share, while adjusted EBITDA reached $566.9 million. The company attributed its performance to solid waste pricing growth and operational execution, despite challenges from weather impacts and a decline in resource recovery values from the previous year. With ongoing acquisition activity, the company remains optimistic about meeting its full-year outlook, highlighting potential benefits from further acquisitions and improvements in recycled commodities values. Waste Connections also noted that it closed approximately $45 million in acquired revenue year-to-date, with expectations for continued activity throughout the year.
On April 26, 2023, Waste Connections (TSX/NYSE: WCN) announced a quarterly cash dividend of $0.255 per common share, payable on May 24, 2023, to shareholders of record by May 10, 2023. The Board of Directors aims to review the dividend quarterly, with a long-term goal of increasing it. Shareholders will receive dividends in U.S. dollars or Canadian dollars depending on their broker's participation in the U.S. or Canadian depositary systems. Waste Connections operates integrated solid waste services across the U.S. and Canada, serving over eight million customers. The announcement reflects the company's ongoing commitment to providing returns to shareholders.
Waste Connections has appointed Ronald J. Mittelstaedt as President and CEO, effective April 23, 2023, succeeding Worthing F. Jackman. Mittelstaedt, the company's founder, previously served as CEO from 1997 until July 2019 and has been the Executive Chairman since then. Following this transition, Michael W. Harlan becomes the non-executive Chairman of the Board. The company expressed gratitude for Jackman’s leadership during challenging times, notably the pandemic and hyperinflation. Waste Connections reaffirmed its financial outlook for 2023, with further details expected in the upcoming Q1 2023 earnings report on April 26, 2023. The company is positioned as a leader in integrated solid waste services across the U.S. and Canada, serving over eight million customers.
Waste Connections (WCN) will announce its first quarter 2023 financial results after market close on April 26, 2023. A conference call for investors will follow on April 27, 2023, at 8:30 A.M. ET. The company will showcase its participation in several upcoming investor events in May and June 2023, including the Stifel Investor Summit and Goldman Sachs Industrials Conference. Waste Connections provides integrated solid waste services to millions across the U.S. and Canada, focusing on non-hazardous waste collection and disposal.
Waste Connections has declared a quarterly cash dividend of $0.255 per common share, set for payment on March 15, 2023. This decision aims to reward shareholders, with the record date for eligibility on March 1, 2023. The Board plans to review the dividend each October, signaling a long-term ambition to increase it. Shareholders holding shares through U.S. or Canadian brokers will receive dividends in their respective currencies, based on the Bank of Canada's exchange rate for Canadian shareholders. Waste Connections provides solid waste services across the U.S. and Canada, serving over eight million customers.
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