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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 has declared a quarterly cash dividend of $0.23 U.S. per common share, payable on September 1, 2022, to shareholders recorded by August 18, 2022. This decision reflects the Board's intention to review dividends each October, aiming for long-term increases. Shareholders with broker-held shares will receive dividends in U.S. dollars, while those in Canada will receive payments in Canadian dollars based on the Bank of Canada's exchange rate on the record date.
Waste Connections reported Q2 revenue of $1.816 billion, up 18.4% year-over-year, with a net income of $224.1 million, or $0.87 per share. Adjusted EBITDA was $566.8 million, reflecting a 31.2% margin. For the year-to-date, net cash from operations reached $973.7 million. The company increased its full-year outlook to approximately $7.125 billion in revenue and $2.190 billion in adjusted EBITDA. Strong solid waste pricing growth of 8.8% and a robust acquisition pipeline are contributing factors.
Waste Connections (WCN) will release its second-quarter 2022 financial results on August 2, 2022, following market closure. An investor conference call to discuss the results is scheduled for August 3, 2022, at 8:30 A.M. ET. The company is actively participating in several upcoming industry conferences, including the Raymond James Diversified Industrials Conference on August 23, 2022 and the Stifel Cross Sector Insight Conference on September 7, 2022. Investors can access the live webcast and presentation slides via the company’s investor relations website.
AMP Robotics Corp. has expanded its partnership with Waste Connections (NYSE: WCN), its largest customer, since late 2020. Waste Connections has deployed 50 of AMP's AI-driven robotics systems, solidifying its position as the leading operator in AI-guided robotics within the waste sector. The collaboration aims to enhance recycling efficiency, reduce costs, and elevate quality standards for recyclables. AMP's advanced technology improves the recovery of diverse materials, addressing the rising demand for high-quality recycled content.
On May 13, 2022, Waste Connections held its annual shareholder meeting where all proposed nominees were elected as directors. The election results show strong support for the nominees, with votes for Ronald J. Mittelstaedt at 95.71% and Larry S. Hughes at 99.89%. Additionally, shareholders approved the non-binding advisory compensation of executive officers and the appointment of Grant Thornton LLP as the independent auditor until 2023. Final results will be filed with the SEC and Canadian regulatory authorities.
Waste Connections has declared a quarterly cash dividend of $0.23 U.S. per common share, payable on June 1, 2022. Shareholders on record as of May 18, 2022 will be eligible for this dividend. Payments will be made in U.S. dollars for shares held by U.S. banks and in Canadian dollars for those held by Canadian banks, depending on the exchange rate. The Board plans to review dividends each October, aiming for long-term increases.
Waste Connections reported robust Q1 2022 results with a 17.9% revenue increase to $1.646 billion. Net income rose to $180.3 million or $0.69 per share, marking a 17.1% increase. Adjusted EBITDA was $502.1 million, representing 30.5% of revenue. The company's solid waste pricing grew by 7.1%, contributing to margin expansion despite inflation. With $440.9 million in cash from operations and successful acquisitions yielding $175 million in annualized revenue, Waste Connections is well-positioned for continued growth.
Waste Connections (WCN) has announced it will report its first-quarter 2022 financial results on May 3, 2022, after market close. An investor conference call will take place the following day at 8:30 A.M. Eastern Time. In addition, the company plans to participate in several upcoming industry conferences throughout the second quarter, including the Stifel Investor Summit and the RBC Canadian Auto, Transportation and Industrials Conference. More information is available on the company's investor relations website.
Waste Connections has priced an underwritten public offering of $500 million aggregate principal of its 3.200% Senior Notes due in 2032, at a public price of 99.925% of face value. The offering is set to close on March 9, 2022, with net proceeds estimated at $494.8 million, to be used for repaying borrowings under its revolving credit facility. Major underwriters include BofA Securities and J.P. Morgan. The offering is part of the company's effective shelf registration statement with the SEC.
Waste Connections (WCN) announced plans for a public offering of senior unsecured notes, subject to market conditions. The net proceeds will primarily be used to reduce borrowings under its revolving credit facility. The offering is managed by BofA Securities, J.P. Morgan, MUFG, and Wells Fargo Securities and will utilize an effective shelf registration statement previously filed with the SEC. While the notes are secured obligations, this move signals Waste Connections' strategy to improve its financial flexibility by addressing outstanding debt.
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