Waste Connections 4Q Revenue Higher, Net Income Declines

By Denny Jacob

Waste Connections grew revenue in its latest quarter, aided in part by solid waste organic growth and improvements in commodity-driven revenues.

The waste services company posted net income of $126.8 million, or 49 cents a share, for the fourth quarter, down from $194.3 million, or 75 cents a share, a year earlier. Adjusted earnings were $1.11 a share, above analysts' estimates of $1.08 a share in adjusted earnings.

Revenue rose 8.9% to $2.04 billion from $1.87 billion, matching expectations of analysts polled by FactSet.

"Solid waste organic growth led by 8.7% core pricing was bolstered by improvements in commodity-driven revenues during the quarter, providing momentum for 2024," Chief Executive Ronald Mittelstaedt said.

For 2024, Waste Connections forecast revenue around $8.75 billion and net income of about $1.1 billion. Analysts polled by FactSet expected $8.72 billion in revenue and net income of $1.11 billion.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 13, 2024 16:46 ET (21:46 GMT)

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