WASTE CONNECTIONS ANNOUNCES REGULAR QUARTERLY CASH DIVIDEND

Rhea-AI Summary

Waste Connections, Inc. (WCN) declares a regular quarterly cash dividend of $0.285 per common share, to be paid on March 13, 2024. Shareholders of record on February 28, 2024, will receive the dividend. The Board aims to increase dividends long-term, with different payment currencies for US and Canadian shareholders.

Insights

Financial Analyst

The declaration of a regular quarterly cash dividend by Waste Connections signifies a stable and potentially growing return on investment for shareholders. Dividends are a direct reflection of a company's profitability and financial health. In this case, the commitment to review and possibly increase the dividend in October aligns with a strategy to enhance shareholder value. This approach can be attractive to income-focused investors and could influence the stock's desirability in the market.

Furthermore, the payment in local currencies based on the shareholder's location or registration method with Computershare mitigates currency exchange risk for international investors. This practice is accommodating and can broaden the appeal of the stock to a global audience. However, the impact of fluctuating exchange rates on dividend amounts should be monitored, as it could affect the actual yield for shareholders not receiving dividends in U.S. dollars.

Market Research Analyst

From a market perspective, the announcement of a consistent dividend payout may suggest Waste Connections' confidence in its ongoing cash flow and operational stability. It is essential to compare the dividend yield with industry peers to evaluate its competitiveness. A higher yield can differentiate Waste Connections in a sector where investors may be seeking steady income streams.

Additionally, the market will likely react to the news of the dividend in the short-term, potentially leading to an uptick in stock price as investors value the tangible returns. Over the long-term, the company's ability to sustain and grow its dividend will be closely watched as an indicator of its financial robustness and operational efficiency.

Economist

Examining the macroeconomic implications, the decision to pay dividends might be indicative of the company's limited opportunities for reinvestment at a higher return. In an environment where interest rates are fluctuating, this could signal management's view that returning capital to shareholders is currently a better use of funds than other capital allocation options, such as expansion or acquisitions.

Moreover, the impact of exchange rates on dividend payments highlights the interconnectedness of global markets and the importance of currency stability. This aspect is particularly relevant for multinational companies and their investors, as it can significantly affect investment returns and decisions.

TORONTO, Feb. 13, 2024 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.285 U.S. per common share of the Company. The regular quarterly cash dividend will be paid on March 13, 2024 to shareholders of record at the close of business on February 28, 2024. The Board intends to review the quarterly dividend each October, with a long-term objective of increasing the amount of the dividend.

Shareholders of Waste Connections whose common shares are held by a bank or broker that participates in U.S. depositary DTC will receive payment of their dividends in U.S. dollars. Shareholders of Waste Connections whose common shares are held by a bank or broker that participates in Canadian depositary CDS will receive payment of their dividends in Canadian dollars, calculated based on the Bank of Canada's daily average exchange rate on February 28, 2024. Shareholders of Waste Connections who hold their shares in direct registration with Computershare, the Company's transfer agent, will receive payment of their dividends in Canadian dollars if they are residents of Canada, as reflected in Waste Connections' shareholders register, and will receive their dividend payments in U.S. dollars if they are not residents of Canada, including if they are residents of the U.S.

About Waste Connections 

Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 44 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance ("ESG") efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement.

Safe Harbor and Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about the timing and amount of cash dividends. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

CONTACT:
Mary Anne Whitney / (832) 442-2253	Joe Box / (832) 442-2153
maryannew@wasteconnections.com	joe.box@wasteconnections.com

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SOURCE Waste Connections, Inc.

FAQ

When will Waste Connections pay the regular quarterly cash dividend?

Waste Connections will pay the regular quarterly cash dividend on March 13, 2024.

What is the amount of the regular quarterly cash dividend per common share?

The regular quarterly cash dividend is $0.285 per common share.

Who will receive the dividend payment in US dollars?

Shareholders whose common shares are held by a bank or broker participating in U.S. depositary DTC will receive payment in U.S. dollars.

How are dividends calculated for Canadian shareholders?

Canadian shareholders whose common shares are held by a bank or broker participating in Canadian depositary CDS will receive payment in Canadian dollars, based on the Bank of Canada's daily average exchange rate on February 28, 2024.

Where can shareholders of Waste Connections get dividend payments in US dollars?

Shareholders who hold their shares in direct registration with Computershare will receive dividend payments in US dollars if they are not residents of Canada, including if they are residents of the U.S.

What is the long-term objective of Waste Connections' Board regarding dividends?

The Board aims to review the quarterly dividend each October with a long-term objective of increasing the amount of the dividend.