Fourth quarter highlights
-- Consolidated revenues of $483.9 million, up 1.6% on a constant currency basis.
-- Organic revenue up 2.3%, including price up 1.4% and volume up 2.3%.
-- Adjusted operating EBIT(A) of $67.0 million up 1.9% on a constant currency basis.
-- Adjusted EBITDA(A) of $125.6 million, down 2.6% on a constant currency basis. Adjusted EBITDA(A) margin of 26.0%.
-- Free cash flow(B) of $38.2 million, down 10.1% on a constant currency basis.
-- Adjusted net income(A) per share of $0.36, or $0.39 in constant currency.
Fiscal year 2015 highlights
-- Consolidated revenues of $1.925 billion, up 1.1% on a constant currency basis.
-- Adjusted operating EBIT(A) of $232.8 million, down 3.7% on a constant currency basis.
-- Adjusted EBITDA(A) of $479.9 million, down 2.1% on a constant currency basis. Adjusted EBITDA(A) margin of 24.9%.
-- Free cash flow(B) of $150.0 million, down 20.4% on a constant currency basis.
-- Adjusted net income(A) per share of $1.25, or $1.33 in constant currency.
-- Returned approximately $150.0 million to shareholders through share repurchases and dividends.
(All amounts are in United States ("U.S.") dollars, unless otherwise stated)
"Our performance in the fourth quarter is in line with the outlook that we provided on October 30, 2015, and reflects continued organic revenue growth in the U.S. and Canada," said Dan Pio, Chief Executive Officer. "In the quarter, we completed two acquisitions including a platform acquisition in South Carolina, improved operating margins on a sequential basis in our West region, delivered continued strong results in our North region, and undertook the start-up of several municipal waste collection contracts in our East region. We note that operating expenses in our East region in the quarter include a charge related to a discontinued property development and, as previously announced, costs associated with our municipal contract start-ups."
Mr. Pio continued, "We expect these municipal contracts combined with our recent acquisitions to contribute to a solid revenue and EBITDA(A) performance in the first quarter of 2016. We also expect to benefit from the mild winter weather, which is resulting in unseasonably strong disposal volumes at our landfills, as well as lower fuel costs which will more than offset the impact of lower recycled commodity prices."