GFL(US:GFL) Prnewswireยท2024-11-06 21:15Core Insights - GFL Environmental Inc. reported a record Adjusted EBITDA margin of 31.1%, an increase of 300 basis points year-over-year, and the lowest net leverage of 4.05x in the company's history [1][3][4] - The company is on track to complete the sale of its Environmental Services business, expecting net proceeds of at least $6 billion, which will be used to repay debt and for share buybacks [3][4] - Solid Waste pricing increased by 6.0% excluding divestitures, with a sequential volume improvement of 90 basis points, both ahead of expectations [1][4] Financial Performance - For Q3 2024, GFL reported revenue of $2,014.7 million, a 9.3% increase excluding divestitures, and an 18.0% increase in Adjusted EBITDA to $625.9 million [1][4][5] - Year-to-date revenue reached $5,876.1 million, up 9.0% excluding divestitures, with Adjusted EBITDA increasing by 14.3% to $1,672.7 million [5][24] - Net income for Q3 2024 was $110.6 million, compared to $18.3 million in Q3 2023, while the year-to-date net loss was $538.2 million due to a non-cash loss from divestitures [4][5][24] Operational Highlights - The company completed acquisitions year-to-date that are generating approximately $115 million in annualized revenue [1][3] - GFL's Solid Waste revenue for Q3 2024 was $1,554.2 million, with a core pricing increase of 6.0% despite a volume decrease of 0.8% [4][5] - Environmental Services revenue increased to $460.5 million, a 7.9% increase when excluding the impact of an unusually high level of large event-driven business from the prior year [4][5] Strategic Initiatives - GFL is focused on capital allocation, having deployed $96.4 million in growth initiatives and $47.4 million in tuck-in acquisitions during the quarter [3][4] - The company aims to deploy approximately $900 million into M&A and growth investments in 2024 [3] - A leadership transition is planned, with Billy Soffera set to take over as COO in January 2025, ensuring continuity in operational strategy [3]