Last $49.55 USD
Change Today -0.36 / -0.72%
Volume 334.2K
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As of 12:08 PM 09/16/14 All times are local (Market data is delayed by at least 15 minutes).

waste connections inc (WCN) Key Developments

Waste Connections Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter of 2014; Revised Earnings Guidance for the Full Year of 2014

Waste Connections Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $524.693 million compared to $489.381 million for the same period a year ago. Operating income was $118.716 million compared to $93.074 million for the same period a year ago. Income before income tax provision was $103.437 million compared to $72.440 million for the same period a year ago. Net income attributable to company was $62.664 million or $0.50 per diluted share compared to $43.967 million or $0.35 per diluted share for the same period a year ago. Adjusted EBITDA was of $182.468 million compared to $169.350 million for the same period a year ago. Adjusted net income attributable to company was of $66.231 million or $0.53 per share compared to $57.827 million or $0.47 per share for the same period a year ago. For six months, the company reported revenue of $1,006.402 million compared to $939.272 million for the same period a year ago. Operating income was $219.306 million compared to $179.987 million for the same period a year ago. Income before income tax provision was $186.592 million compared to $141.082 million for the same period a year ago. Net income attributable to company was $111.679 million or $0.89 per diluted share compared to $85.523 million or $0.69 per diluted share for the same period a year ago. Net cash provided by operating activities was $279.681 million compared to $255.523 million for the same period a year ago. Capital expenditures for property and equipment were of $83.679 million compared to $87.541 million for the same period a year ago. Adjusted EBITDA was of $346.606 million compared to $315.413 million for the same period a year ago. Adjusted net income attributable to company was of $120.691 million or $0.97 per share compared to $103.546 million or $0.84 per share for the same period a year ago. Through the first six months of the year, revenue increased 7% year-over-year, while EBITDA and free cash flow both grew faster, up almost 10% and 19%, respectively. EBITDA margins have expanded 80 basis points and free cash flow has exceeded 20% of revenue. The strength in free cash flow generation is especially notable given the more than $20 million increase in cash taxes year-to-date. For the third quarter, the company reported revenue is estimated to be between $530 million and $535 million, up about 6% over the third quarter of 2013. Solid waste pricing and volume growth, on a combined basis, is expected to be between 3.5% and 4%. Adjusted EBITDA for the third quarter is estimated to be between $186 million and $187 million or approximately 35% of revenue. This assumes the estimated 30-basis-point drag from recycle commodity values remaining at the current levels. Depreciation and amortization expense in the third quarter is estimated to be almost 12.2% of revenue, a slight improvement from the prior year period as a percentage of revenue. Operating income for the third quarter is estimated to be about 22.8% of revenue. Interest expense in the third quarter is estimated to be about $15.9 million, and effective tax rate in third quarter is estimated to again be about 39.2%. For the full year of 2014, the company expects revenue to be between $2.045 billion and $2.055 billion, or $5 million to $15 million above the upper end of its original range. The company also expects adjusted EBITDA to be about 34.5% of revenue, which would meet or exceed the $705 million upper end of its original outlook. The company continues to expect net cash provided by operating activities to be approximately 25.5% of revenue and capex should remain at about $200 million, which the company has revised and communicated in April to incorporate the additional outlays to construct the two landfills.

Waste Connections Inc. Announces Quarterly Cash Dividend, Payable on August 15, 2014

Waste Connections Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.115 per share on the Company's common stock. The dividend will be paid on August 15, 2014, to stockholders of record on the close of business on August 1, 2014. The Board intends to review the quarterly dividend each October, with a long-term objective of increasing the amount of the dividend.

Waste Connections Inc. Presents at Morgan Stanley 2nd Annual Laguna Conference, Sep-15-2014

Waste Connections Inc. Presents at Morgan Stanley 2nd Annual Laguna Conference, Sep-15-2014 . Venue: Ritz-Carlton, Laguna Niguel Dana Point, California, United States.

Waste Connections Inc. to Report Q2, 2014 Results on Jul 21, 2014

Waste Connections Inc. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Jul 21, 2014

Waste Connections Inc., Q2 2014 Earnings Call, Jul 22, 2014

Waste Connections Inc., Q2 2014 Earnings Call, Jul 22, 2014

 

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WCN

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Valuation WCN Industry Range
Price/Earnings 28.0x
Price/Sales 3.1x
Price/Book 2.9x
Price/Cash Flow 13.1x
TEV/Sales 2.1x
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