Waste Connections (WCN) Misses Q1 EPS by 1c

Waste Connections (NYSE: WCN) reported Q1 EPS of $0.45, $0.01 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $514.7 million versus the consensus estimate of $515.19 million.

"Accelerating organic growth and continuing margin expansion within solid waste enabled us to once again meet or exceed our outlook for the quarter and generate over 22% adjusted free cash flow as a percentage of revenue. Double-digit growth in solid waste landfill tonnage and strong increases in both commercial and roll off collection activity across our regions drove core price plus volume growth in the period to above 6%, our fourth consecutive quarter for this metric to exceed 5.0%. We are particularly pleased with these results, as this strength in solid waste was sufficient to offset lower than expected E&P waste activity resulting from a continued decline in drilling activity throughout the period," said Ronald J. Mittelstaedt, Chief Executive Officer and Chairman.

Mr. Mittelstaedt added, "Moving on to the Progressive Waste combination, we are extremely pleased with the progress both companies have made towards closing the transaction and encouraged by the integration efforts to date. We remain on track for a second quarter closing, with the meeting date for stockholder approval set for both companies to occur on May 26th, and we look forward to realizing the benefits of this compelling combination."

For earnings history and earnings-related data on Waste Connections (WCN) click here.

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