Waste Connections, Inc. has announced its results for the second quarter of 2013.
Compoany revenue totaled nearly $490 million, a 19.1 per cent increase over 2012; operating income was $93.1 million compared to $81.7 million in the second quarter of 2012; operating income in the current year period included approximately $13.9 million ($8.6 million net of taxes) associated with both the loss on the company's prior corporate office lease resulting from the relocation of its corporate headquarters from California to Texas, and a loss on disposal of assets.
Adjusted EBITDA* in the second quarter of 2013 was $169.4 million, up 28.7 per cent over adjusted EBITDA* of $131.5 million in the prior year period. Adjusted EBITDA, a non-GAAP measure, excludes the impact of items such as acquisition-related costs and expenses incurred in connection with the relocation of our corporate headquarters from California to Texas, as shown in the detailed reconciliation in the attached table.
"Favorable solid waste trends experienced earlier this year accelerated during the second quarter, resulting in revenue, adjusted EBITDA, and adjusted free cash flow all exceeding our expectations,” said Waste Connections CEO Ronald Mittelstaedt in a July 23, 2013 statement to media. “Our solid waste business continues to benefit from an improving economy, with municipal solid waste volumes at our landfills showing the strongest year over year increases in several years, up approximately 14% in the second quarter. In addition, E&P waste activity played out about as expected in the period despite unusually wet weather in the Bakken.”
Net income attributable to Waste Connections in the quarter was $44 million, or $0.35 per share on a diluted basis of 124.1 million shares. That’s’ up from $42.4 million, or $0.34 per share on a diluted basis of 124.0 million shares, in 2012.
Adjusted net income attributable to Waste Connections* in the quarter was $57.8 million or $0.47 per share versus $48.2 million, or $0.39 per share, in the prior year period. Adjusted net income and adjusted net income per diluted share, both non-GAAP measures, primarily exclude the impact of acquisition-related items such as amortization of intangibles and acquisition-related expenses, as well as both the loss on our prior corporate lease and expenses incurred in connection with the relocation of our corporate headquarters from California to Texas, all net of tax, as shown in the detailed reconciliation in the attached table.
Waste Connections, Inc. is an integrated solid waste services company that provides waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets.
For more information, visit the Waste Connections web site at www.wasteconnections.com.
- Revenue of $489.4 million, up 19.1%
- Double digit increase in landfill volumes drives positive organic volume growth
- Adjusted EBITDA* of $169.4 million, or 34.6% of revenue, up 28.7%
- GAAP EPS of $0.35 and adjusted EPS* of $0.47, up 20.5%
- YTD net cash provided by operating activities of $255.5 million
- YTD adjusted free cash flow* increases 18.4% to $175.7 million, or 18.7% of revenue