Waste Connections Earnings: Core Pricing and Acquisitions Continue to Drive Strong Performance

Waste Connections delivered robust first-quarter results as momentum in core pricing and acquisition activity continued. The company's top line grew over 15% year over year, with contribution split evenly between internal solid waste growth and growth from acquisitions. Adjusted EPS of $0.89 was in line with FactSet consensus, and management reaffirmed its full-year financial guidance. We expect to raise our $107 per share (CAD 144) fair value estimate by a low-single-digit percentage due to the time value of money, but our long-term outlook remains intact.