Core Viewpoint - Waste Connections, Inc. has announced a public offering of $500 million in senior notes with a 5.25% interest rate, set to close on June 4, 2025, primarily to repay existing borrowings [1][2]. Group 1: Offering Details - The offering consists of $500 million aggregate principal amount of 5.25% Senior Notes due 2035, priced at 99.874% of their face value [1]. - Net proceeds from the offering are expected to be approximately $495 million after deducting underwriting fees and estimated expenses [1]. - The offering is being managed by BofA Securities, J.P. Morgan, PNC Capital Markets LLC, and Truist Securities [2]. Group 2: Company Overview - Waste Connections is an integrated solid waste services company providing non-hazardous waste collection, transfer, and disposal services, serving around nine million customers across 46 U.S. states and six Canadian provinces [4]. - The company also engages in resource recovery through recycling and renewable fuels generation, and offers non-hazardous oilfield waste treatment services [4]. - Waste Connections emphasizes its Environmental, Social, and Governance (ESG) initiatives as essential to its long-term value creation strategy [4].

TORONTO, May 28, 2025 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") announced today that it plans to proceed, subject to market and other conditions, to offer senior notes (the "Notes") in an underwritten public offering (the "Offering"). The Notes will be senior unsecured obligations of the Company. Waste Connections intends to use the net proceeds from the Offering to repay a portion of the borrowings outstanding under its revolving credit facility. Waste C ...

Core Points - Waste Connections, Inc. held its Annual Meeting of Shareholders where all eight director nominees were elected [1] - The voting results showed high approval rates for the nominees, with the highest being 99.17% for Cherlyn Harley LeBon and Carl D. Sparks [2] - Shareholders approved the compensation of named executive officers on a non-binding advisory basis and appointed Grant Thornton LLP as the independent registered public accounting firm for 2025 [3] Company Overview - Waste Connections is an integrated solid waste services company providing non-hazardous waste collection, transfer, and disposal services, serving approximately nine million customers across 46 states in the U.S. and six provinces in Canada [5] - The company emphasizes its Environmental, Social, and Governance (ESG) efforts as integral to its business, focusing on long-term value creation, emissions reduction, and resource recovery [5]

Core Insights - Waste Connections, Inc. (WCN) reported strong first-quarter 2025 results, with earnings and revenues exceeding Zacks Consensus Estimates [1][2] - Despite the earnings beat, the stock price has not shown significant movement since the results were released on April 23 [1] Financial Performance - Adjusted earnings per share were $1.13, surpassing the Zacks Consensus Estimate by 5.6% and increasing 8.7% year over year [2] - Revenues reached $2.2 billion, slightly beating consensus estimates and growing 7.5% from the previous year [2] - The stock has appreciated 11.6% over the past six months, outperforming the industry’s 5.5% increase and the S&P 500’s 1.8% decline [2] Segment Performance - Solid Waste Collection segment revenues grew 7% year over year to $1.6 billion, exceeding estimates [3] - Solid Waste Disposal and Transfer segment revenues increased marginally to $658 million but fell short of projections [3] - Solid Waste Recycling segment revenues surged 25.1% year over year to $61.3 million, beating estimates [4] - Intermodal and Other segment revenues rose 54% to $150.9 million, significantly surpassing projections [4] - E&P Waste Treatment, Recovery and Disposal segment revenues declined 6% to $46.5 million, missing estimates [4] Operating Results - Adjusted EBITDA for the quarter was $712.2 million, up 9.5% year over year, with an adjusted EBITDA margin of 32%, an increase of 60 basis points [5] - Operating income was $390.2 million, compared to $366.8 million in the previous year [5] Balance Sheet & Cash Flow - Cash and cash equivalents at the end of the quarter were $111.2 million, up from $62.4 million in the previous quarter [6] - Long-term debt increased to $8.4 billion from $6.7 billion [6] - Cash generated from operating activities was $541.5 million, with adjusted free cash flow of $332.1 million [7] - Capital expenditures totaled $212.5 million, and dividends paid amounted to $81.5 million [7] Outlook - For Q2 2025, Waste Connections anticipates revenues between $2.37 billion and $2.40 billion, with a consensus estimate of $2.40 billion [8] - Expected adjusted EBITDA for Q2 is between $777 million and $785 million, with an anticipated EBITDA margin of 32.7% [8]

Waste Connections (WCN) Q1 2025 Earnings Call April 24, 2025 08:34 PM ET Company Participants Ronald Mittelstaedt - Founder, CEO, President & DirectorMary Whitney - Executive VP & CFOTyler Brown - Financial AdvisorSabahat Khan - Managing Director Conference Call Participants None - AnalystAdam Bubes - AnalystTrevor Romeo - Research AnalystYehuda Silverman - Equity Research AnalystJames Schumm - AnalystNoah Kaye - Senior Research AnalystBryan Burgmeier - AnalystStephanie Moore - Analyst Operator Please note ...

Waste Connections, Inc. (NYSE:WCN) Q1 2025 Earnings Conference Call April 24, 2025 8:30 AM ET Company Participants Ronald Mittelstaedt - President and Chief Executive Officer Mary Anne Whitney - Chief Financial Officer Conference Call Participants Tyler Brown - Raymond James & Associates, Inc. Adam Bubes - Goldman Sachs Trevor Romeo - William Blair & Company Yehuda Silverman - Morgan Stanley James Schumm - TD Cowen Sabahat Khan - RBC Capital Markets Noah Kaye - Oppenheimer & Co. Inc. Bryan Burgmeier - Citig ...

For the quarter ended March 2025, Waste Connections (WCN) reported revenue of $2.23 billion, up 7.5% over the same period last year. EPS came in at $1.13, compared to $1.04 in the year-ago quarter.The reported revenue represents a surprise of +0.42% over the Zacks Consensus Estimate of $2.22 billion. With the consensus EPS estimate being $1.07, the EPS surprise was +5.61%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...

Revenue and Income - Total revenues increased by $155.5 million, or 7.5%, to $2.228 billion for the three months ended March 31, 2025, compared to $2.073 billion for the same period in 2024[152]. - Acquisitions closed during or subsequent to the three months ended March 31, 2024, contributed an additional $131.0 million to revenues for the three months ended March 31, 2025[153]. - Operating income for the three months ended March 31, 2025, was $390.2 million, representing 17.5% of revenues, compared to $366.8 million, or 17.7% of revenues, for the same period in 2024[152]. - Net income attributable to Waste Connections was $241.5 million, or 10.9% of revenues, for the three months ended March 31, 2025, compared to $230.1 million, or 11.1% of revenues, for the same period in 2024[152]. - Total revenue for the three months ended March 31, 2025, was $2,228.2 million, an increase from $2,072.7 million in the same period of 2024[189]. - Adjusted net income attributable to Waste Connections for Q1 2025 was $293,120, up 9.1% from $268,669 in Q1 2024[250]. - Reported net income attributable to Waste Connections for Q1 2025 was $241,510, compared to $230,054 in Q1 2024, reflecting a growth of 5%[250]. Expenses and Costs - Cost of operations rose by $69.7 million, or 5.7%, to $1.291 billion for the three months ended March 31, 2025, from $1.222 billion for the same period in 2024[161]. - SG&A expenses increased by $29.4 million, or 13.3%, to $250.1 million for the three months ended March 31, 2025, from $220.7 million for the same period in 2024[164]. - Depreciation expense increased by $19.6 million, or 8.8%, to $242.3 million for the three months ended March 31, 2025, compared to $222.7 million for the same period in 2024[167]. - Amortization of intangibles expense rose by $7.3 million, or 18.2%, to $47.6 million for the three months ended March 31, 2025, from $40.3 million in the prior year[171]. - Interest expense increased by $2.4 million, or 3.0%, to $80.9 million for the three months ended March 31, 2025, from $78.5 million in the prior year[178]. - Segment expenses rose by $16.9 million to $326.1 million for the three months ended March 31, 2025, from $309.2 million in the prior year, due to increased labor and acquisition-related costs[202]. EBITDA and Margins - Operating income increased by $23.4 million, or 6.4%, to $390.2 million for the three months ended March 31, 2025, compared to $366.8 million for the same period in 2024[175]. - EBITDA decreased by $0.8 million to $112.3 million, resulting in a 25.6% EBITDA margin for the three months ended March 31, 2025, down from a 26.8% margin in the prior year[203]. - Adjusted EBITDA for Q1 2025 was $712,213, an increase of 9.5% from $650,673 in Q1 2024[248]. - Segment EBITDA for the Southern segment increased to $148.7 million, with a margin of 32.8% for the three months ended March 31, 2025, compared to $128.4 million and a margin of 30.7% in 2024[198]. - EBITDA for the Eastern segment increased by $8.1 million to $103.1 million, with a 25.6% EBITDA margin for the three months ended March 31, 2025, compared to 26.4% in the prior year[206]. - EBITDA for the Canada segment increased by $14.2 million to $135.6 million, achieving a 44.8% EBITDA margin for the three months ended March 31, 2025, up from 43.3% in the prior year[214]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased by $51.2 million to $541.5 million for the three months ended March 31, 2025, compared to $490.3 million in the prior year[221]. - Net cash used in investing activities decreased by $731.4 million to $603.2 million for the three months ended March 31, 2025, from $1.335 billion in the prior year[225]. - Capital expenditures for property and equipment totaled $212.5 million during the three months ended March 31, 2025, with total expected capital expenditures for 2025 projected between $1.200 billion and $1.225 billion[231]. - Adjusted free cash flow for the three months ended March 31, 2025, was $332.1 million, compared to $324.8 million for the same period in 2024, indicating a slight increase in liquidity[245]. Debt and Financing - The company had $2.480 billion outstanding under the revolving credit facility as of March 31, 2025, with a maturity date of February 27, 2029[232]. - The total long-term debt recorded was $8.465 billion, with significant principal payments due in the coming years, including $500 million due in 2028 and $500 million due in 2029[235]. - The company recorded $90.2 million in contingent consideration liabilities as of March 31, 2025[238]. - The company has $1.680 billion in unhedged floating rate debt as of March 31, 2025, with a one percentage point increase in interest rates potentially decreasing annual pre-tax income by $16.8 million[260]. - The company has four interest rate swap agreements to manage interest rate risks, effectively fixing rates on $800 million of variable rate debt[257]. Market and Operational Factors - During the three months ended March 31, 2025, the company recognized volume losses totaling $65.9 million due to a decrease in roll-off volumes and lower residential collection volumes[155]. - The average Canadian dollar to U.S. dollar exchange rate decreased, resulting in a revenue decrease of $16.8 million for the three months ended March 31, 2025[158]. - A $0.10 per gallon increase in diesel fuel prices would decrease pre-tax income by approximately $3.7 million during the remaining nine months of 2025[263]. - A 10% decrease in average recycled commodity prices would impact revenues by $5.9 million for Q1 2025[264]. - A $0.01 change in the CAD to USD exchange rate would affect annual revenue and EBITDA by approximately $19.0 million and $9.0 million, respectively[265]. - Inflationary pressures from higher fuel, materials, and labor costs are being managed through contracts that allow passing costs to customers[252]. Environmental and Social Governance (ESG) - The company committed $500 million to advance long-term ESG targets, focusing on reducing environmental impact and enhancing employee safety and engagement[143].

Core Viewpoint - Waste Connections reported quarterly earnings of $1.13 per share, exceeding the Zacks Consensus Estimate of $1.07 per share, and showing an increase from $1.04 per share a year ago, indicating a 5.61% earnings surprise [1][2] Financial Performance - The company achieved revenues of $2.23 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.42%, and up from $2.07 billion year-over-year [2] - Over the last four quarters, Waste Connections has exceeded consensus EPS estimates three times and topped revenue estimates four times [2] Stock Performance - Waste Connections shares have increased approximately 15.3% since the beginning of the year, contrasting with a -10.1% decline in the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.34 on revenues of $2.41 billion, and for the current fiscal year, it is $5.26 on revenues of $9.52 billion [7] - The estimate revisions trend for Waste Connections is mixed, which may change following the recent earnings report [6] Industry Context - The Waste Removal Services industry, to which Waste Connections belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Performance - Revenue for Q1 2025 was $2.228 billion, a 7.5% increase from $2.073 billion in Q1 2024[5] - Net income for Q1 2025 was $241.5 million, or $0.93 per diluted share, compared to $230.1 million, or $0.89 per diluted share in the prior year[5] - Adjusted EBITDA for Q1 2025 was $712.2 million, up 9.5% year over year from $650.7 million[6] - Adjusted EBITDA margin improved to 32.0%, an increase of 60 basis points compared to the previous year[6] - Net income for the three months ended March 31, 2025, was $241,510, an increase from $230,054 in the same period of 2024, representing a growth of 5.3%[30] - Total revenue for the three months ended March 31, 2025, was $2,228,176, up from $2,072,653 in 2024, reflecting an increase of 7.5%[19] - Adjusted EBITDA for the three months ended March 31, 2025, was $712,213, compared to $650,673 in 2024, marking a growth of 9.5%[22] - The diluted earnings per share attributable to Waste Connections increased to $1.13 for the three months ended March 31, 2025, from $1.04 in 2024, reflecting an increase of 8.7%[30] Cash Flow and Financial Position - Net cash provided by operating activities was $541.5 million, with adjusted free cash flow of $332.1 million[6] - Cash flows from operating activities increased to $541,539 for the three months ended March 31, 2025, from $490,309 in 2024, a rise of 10.4%[27] - The company reported adjusted free cash flow of $332,075 for the three months ended March 31, 2025, slightly up from $324,793 in 2024, an increase of 2.4%[27] - Cash interest paid increased to $84,154 for the three months ended March 31, 2025, compared to $66,384 in 2024, an increase of 26.8%[20] - Debt to book capitalization at March 31, 2025, was reported at 51%, indicating a stable leverage position[21] Growth and Acquisitions - Year-to-date acquired annualized revenue reached over $125 million, including a new recycling facility in New Jersey[4] - The company plans to continue above-average acquisition activity in 2025, supported by strong financial position and free cash flow generation[4] - The contribution from acquisitions for the three months ended March 31, 2025, was $129,298, up from $77,988 in 2024, indicating a significant increase of 65.8%[19] Operational Performance - Employee retention improved for the tenth consecutive quarter, alongside record safety performance[4] - Solid waste internal growth for the three months ended March 31, 2025, was 2.2%, driven by a core price increase of 6.9%[17] - The company achieved a core solid waste pricing increase of 6.9%[3] Future Outlook - Waste Connections will provide its Q2 2025 outlook for revenue and adjusted EBITDA in a Form 8-K filing on April 24, 2025[9]