Waste Connections (NYSE: WCN) reported Q1 EPS of $0.65, $0.02 better than the analyst estimate of $0.63. Revenue for the quarter came in at $1.35 billion versus the consensus estimate of $1.33 billion.

"We couldn't be any prouder of our Company's preparedness for and execution during this pandemic, which should leave us well-positioned when we emerge from it. An extremely strong start to the year, which had put us firmly on track to exceed our outlook, was interrupted in March by measures taken across the U.S. and Canada to limit or control the spread of COVID-19. In spite of the resulting significant slowdown in economic activity and impact to revenue, we exceeded our first quarter outlook for adjusted EBITDA* and delivered adjusted free cash flow* of $235.7 million, or 17.4% of revenue and 57.7% of adjusted EBITDA*, while also shifting our focus to one of preparedness," said Worthing F. Jackman, President and CEO.

"We recognized going into this period of uncertainty that our communities would count on us as an essential services provider, and we on each other, to honor our commitments. Protecting the health, safety and welfare of our employees has guided every decision we've made, knowing that reducing employee concerns regarding income, healthcare and family obligations would be critical to providing exceptional service. Our operating performance during this period reflects the benefit of that focus and is a testament to the dedication and tireless efforts of every Waste Connections employee, whether in the field or working remotely, which have been truly inspirational."

Mr. Jackman added, "We believe the financial impact of the COVID-19 outbreak and the pace of recovery remain uncertain at this time. The severity and duration of varying impacts across markets, the shape of any economic recovery, and any additional acquisitions completed during the year will influence the extent to which our results are impacted. However, assuming that April reflects the depths of any impact, we are encouraged that revenue on a reported basis for the month declined 6.0% year-over-year, or 1.4% excluding Canada and the Northeast U.S., which were hardest hit, and solid waste trends have improved sequentially late in the month and into early May; a continuing economic recovery should reduce the revenue impact going forward. An approximate 20% reduction in budgeted capital expenditures for the year and various cost controls will help offset a portion of the high margin decremental and flow thru associated with both pandemic-related decreases in commercial collection activity and transfer and landfill volumes and a reduction in E&P waste activity."

Mr. Jackman concluded, "Waste Connections is well-positioned to navigate this unprecedented period. We remain disciplined in executing our growth strategy and believe the strengths of our culture, our people and our financial profile will continue to differentiate our execution and financial performance."

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