Core Viewpoint - Waste Connections (WCN) is expected to report quarterly earnings of $1.25 per share, reflecting a 0.8% increase year-over-year, with revenues projected at $2.39 billion, indicating a 6.4% year-over-year growth [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 1.1% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Breakdown - Analysts estimate that 'Revenue Breakdown- E&P Waste Treatment, Recovery and Disposal' will reach $140.55 million, a 13.8% increase from the previous year [5]. - The 'Revenue Breakdown- Intermodal and Other' is expected to be $51.51 million, reflecting a 4.9% increase year-over-year [5]. - 'Revenue Breakdown- Solid Waste Recycling' is projected at $65.33 million, a 3.2% increase from the prior year [6]. - 'Revenue Breakdown- Solid Waste Collection' is estimated at $1.69 billion, indicating a 6.5% year-over-year change [6]. Geographic Revenues - 'Geographic Revenues- Canada' is expected to reach $359.10 million, reflecting a 12.5% increase year-over-year [7]. - 'Geographic Revenues- Southern' is projected at $501.00 million, indicating a 14.1% increase [8]. - 'Geographic Revenues- Central' is estimated at $429.61 million, reflecting an 11.3% increase [8]. - 'Geographic Revenues- Eastern' is expected to be $447.61 million, indicating a 15.9% increase [8]. - 'Geographic Revenues- Western' is projected at $444.69 million, reflecting a 2% decrease from the prior year [9]. Stock Performance - Shares of Waste Connections have decreased by 1.7% over the past month, contrasting with a 5.4% increase in the Zacks S&P 500 composite [10].

Financial Results Announcement - Waste Connections, Inc. will report its financial results for the second quarter of 2025 after the stock market closes on July 23, 2025 [1] - An investor conference call will be held on July 24, 2025, at 8:30 A.M. Eastern Time to discuss the financial results [1] Conference Call Details - A live audio webcast of the conference call can be accessed via the company's investor website [2] - Participants can preregister for the conference call to receive dial-in instructions and a personalized code [2] - A replay of the conference call will be available until July 31, 2025, through specific phone numbers and a passcode [2] Company Overview - Waste Connections is an integrated solid waste services company providing non-hazardous waste collection, transfer, and disposal services, including resource recovery through recycling and renewable fuels generation [3] - The company serves approximately nine million customers across 46 states in the U.S. and six provinces in Canada [3] - Waste Connections emphasizes its Environmental, Social, and Governance (ESG) efforts as integral to its business strategy, focusing on emissions reduction, resource recovery, and employee engagement [3]

Investor Presentation Q2 2024 SAFE HARBOR STATEMENT This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and ...

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].

Core Viewpoint - Waste Connections, Inc. plans to offer senior unsecured notes in a public offering to repay a portion of its revolving credit facility borrowings [1][2] Group 1: Offering Details - The offering will be conducted by BofA Securities, J.P. Morgan, PNC Capital Markets LLC, and Truist Securities as joint book-running managers and underwriters [2] - The offering is subject to market and other conditions and will be made under an effective shelf registration statement filed with the SEC on October 24, 2024 [2] Group 2: 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 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 and intermodal services [4] - Waste Connections emphasizes its Environmental, Social, and Governance (ESG) efforts as integral to its long-term value creation strategy [4]

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 ...

Financial Data and Key Metrics Changes - The first quarter revenue was $2.228 billion, exceeding the high end of the outlook and up $155 million or 7.5% year-over-year [21] - Adjusted EBITDA for Q1 was $712.2 million, up 9.5% year-over-year, with an adjusted EBITDA margin of 32%, above the outlook and up 60 basis points year-over-year [28][29] - Adjusted free cash flow for Q1 was $332.1 million, in line with expectations [31] Business Line Data and Key Metrics Changes - Core solid waste pricing increased by 6.9%, with total pricing at 6.7%, reflecting a reduction in fuel and material surcharges [22] - Solid waste volumes decreased by 2.8%, with 50 basis points attributable to weather impacts [23][24] - Special waste activity increased by 6%, while construction and demolition (C&D) tons decreased by 6% [25][26] Market Data and Key Metrics Changes - The company reported that cardboard and renewable energy credits values were down about 20% year-over-year, with prices for OCC averaging $105 per ton and RINs averaging $2.45 [27] - The company has seen no significant impacts from tariffs or geopolitical concerns on solid waste organic growth [12] Company Strategy and Development Direction - The company is focused on price-led organic growth and acquisition activity, with a strong emphasis on employee retention and safety performance [4][10] - The company is on pace for a busy year in M&A, with annualized revenues from closed acquisitions already over $125 million [17][18] - The company aims to maintain a leverage ratio of 2.3 times debt to EBITDA, positioning itself well for continued acquisition activity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties, reiterating the full-year 2025 outlook for revenue, adjusted EBITDA, and adjusted free cash flow [36] - The company has not seen significant changes in trends that would alter the outlook for 2025, despite broader economic uncertainties [36] Other Important Information - The company received a rating upgrade from Moody's to A3, reflecting its strong track record [19] - Employee retention improved for the tenth consecutive quarter, with voluntary turnover down to below 12% [13] Q&A Session Summary Question: Impact of HSR changes on M&A - Management noted that the HSR filing process has become more lengthy and expensive, but 99% of their deals do not require HSR filings, so they do not expect delays in M&A [44][45] Question: Volume decline and weather impact - Management confirmed that the 2.8% volume decline included a 50 basis point impact from weather and that normalized volumes showed sequential improvement [48][50] Question: Landfill tons in April - Management reported that the last four-week average total tons were up 4.5%, with year-to-date tons up exactly 3% [52] Question: Driving factors behind safety improvements - Management attributed record low safety incident rates to cultural changes and improved coaching effectiveness, with technology playing a supportive role [55][56] Question: Changes in RNG landscape - Management indicated no meaningful changes in the RNG landscape, with existing facilities showing stable RIN prices [65][66] Question: Core pricing and retention trends - Management confirmed that core pricing guidance remains unchanged, with better price retention observed year-to-date compared to the previous year [70][72] Question: Q2 margin guidance - Management explained that Q2 margins are expected to face greater headwinds from commodities compared to Q1, leading to a slight decrease in year-over-year margin expansion [85][86] Question: Special waste and C&D volume trends - Management noted that special waste and C&D volumes are cyclical and can be influenced by economic activity, with current trends showing some delays in job starts due to uncertainty [120][121]

Core Insights - Waste Connections reported revenue of $2.23 billion for the quarter ended March 2025, reflecting a 7.5% increase year-over-year and a surprise of +0.42% over the Zacks Consensus Estimate of $2.22 billion [1] - The company's EPS for the quarter was $1.13, up from $1.04 in the same quarter last year, with an EPS surprise of +5.61% compared to the consensus estimate of $1.07 [1] Revenue Performance - Geographic Revenues: - Canada: $302.73 million, +8% year-over-year, below the average estimate of $330.45 million [4] - Southern: $453.40 million, +8.2% year-over-year, slightly below the estimate of $457.70 million [4] - Central: $373.38 million, +3.5% year-over-year, below the estimate of $395.83 million [4] - Eastern: $403.27 million, +12% year-over-year, slightly below the estimate of $405.97 million [4] - Western: $438.40 million, +3.8% year-over-year, below the estimate of $454.36 million [4] - Revenue Breakdown: - E&P Waste Treatment, Recovery and Disposal: $144.53 million, +179.2% year-over-year, exceeding the estimate of $119.94 million [4] - Intermodal and Other: $46.11 million, +20.7% year-over-year, below the estimate of $54.46 million [4] - Revenues- E&P: $150.90 million, +54.9% year-over-year, exceeding the estimate of $116.93 million [4] - Revenues- Intermodal and Other: $46.55 million, -6% year-over-year, below the estimate of $55.14 million [4] - Revenues- Intercompany: -$309.71 million, +5.4% year-over-year, slightly better than the estimate of -$311.04 million [4] - Revenues- Total Collection: $1.62 billion, +7% year-over-year, exceeding the estimate of $1.60 billion [4] - Revenues- Recycling: $61.34 million, +25.1% year-over-year, exceeding the estimate of $46.25 million [4] Stock Performance - Shares of Waste Connections have returned +2.1% over the past month, outperforming the Zacks S&P 500 composite, which declined by -5.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]