Waste Connections (WCN) Tops Q1 EPS by 2c

Waste Connections (NYSE: WCN) reported Q1 EPS of $0.62, $0.02 better than the analyst estimate of $0.60. Revenue for the quarter came in at $1.245 billion versus the consensus estimate of $1.24 billion.

"We are extremely pleased with the strong start to the year which, along with expected sequential improvement in volume growth and recently completed acquisitions, positions us well for the remainder of 2019. Continuing strength in solid waste price growth once again drove underlying margin expansion and better than expected financial results in the quarter, enabling us to overcome weather-related impacts across multiple markets and further declines in recycled commodity values. In addition, adjusted free cash flow* of almost 20% of revenue in the quarter puts us solidly on track to achieve our full year outlook of $950 million," said Worthing F. Jackman, President.

Mr. Jackman added, "Year-to-date, we've signed or closed acquisitions with total annualized revenue of approximately $100 million, putting us on pace to potentially deliver another outsized year of acquisition activity. These acquisitions include new market entries in Colorado, Illinois and Iowa, and tuck-ins in Colorado, Montana, Nebraska, New York and Wyoming. Our strong financial profile and free cash flow generation provide us the flexibility to fund continuing outsized acquisition activity while increasing the return of capital to shareholders."

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

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