Waste Connections (WCN) Q2 2025 Earnings Call July 24, 2025 08:30 AM ET Company ParticipantsRonald Mittelstaedt - Founder, CEO, President & DirectorMary Whitney - Executive VP & CFOTyler Brown - AVPKevin Chiang - Director - Institutional Equity ResearchSabahat Khan - MD - Global ResearchAdam Bubes - VP - Equity ResearchChris Murray - MD & Equity Research - Diversified IndustriesStephanie Moore - SVP - Equity ResearchTami Zakaria - Executive DirectorConference Call ParticipantsToni Kaplan - Executive Directo ...

Group 1: Company Performance - Republic Services, Inc. (RSG) shares have increased by 35.7% over the past year, outperforming its industry and the Zacks S&P 500 composite, which grew by 11.6% and 13.2%, respectively [1] - Revenues are projected to grow by 5.3% in 2025 and 5.1% in 2026, while earnings are expected to rise by 6.7% in 2025 and 9.7% in 2026 [1][2] Group 2: Market Trends - The solid waste management market is anticipated to reach $77.3 billion by 2025 and $89.6 billion by 2030, growing at a CAGR of 3% from 2025 to 2030, providing opportunities for RSG to capture a larger market share [2] - Global municipal solid waste is projected to increase from 2.1 billion tons in 2023 to 3.8 billion tons by 2050, leading to higher collection frequency and increased demand for services, which will benefit RSG's collection segment that has contributed approximately 68% to its revenue over the past three quarters [3] Group 3: Shareholder Returns - RSG has consistently rewarded shareholders through dividend payments and share repurchase strategies, paying $592.9 million, $650 million, and $687 million in dividends in 2022, 2023, and 2024, respectively, along with share repurchases of $203.5 million, $261.8 million, and $482 million during the same period [4] Group 4: Competitive Landscape - The company faces significant competition, particularly from municipalities that conduct their own waste collection and disposal, which can threaten RSG's market share [7] - Increased competitive pressure necessitates innovation and cost efficiency, compelling the company to invest in technology and talent [7]

RUTLAND, Vt., May 01, 2025 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported its financial results for the three-month period ended March 31, 2025. Key Highlights: Revenues were $417.1 million for the quarter, up $76.1 million, or up 22.3%, from the same period in 2024. Solid waste pricing was up 5.6% from the same period in 2024, driven by 5.8% collection price growth and 5.5% disposal price growth.Net ...

Core Insights - GFL Environmental Inc. reported a strong start to 2025 with a revenue increase of 12.5% year-over-year, driven by core pricing and positive volume growth [2][8][9] - The company achieved an Adjusted EBITDA of $426.1 million, reflecting a 13.8% increase compared to the same period last year, with an Adjusted EBITDA margin of 27.3%, the highest in the company's history [2][8][9] - GFL's net leverage improved to 3.1x, the lowest in the company's history, following the divestiture of its Environmental Services business, which has allowed for a more aggressive share repurchase strategy [2][8][9] Financial Performance - Revenue for Q1 2025 was $1,560.1 million, a 12.5% increase excluding divestitures and 9.0% including them, with contributions from core pricing (5.7%) and positive volume (0.9%) [8][9][30] - Adjusted EBITDA increased to $426.1 million, with a margin of 27.3%, up from 26.1% in Q1 2024 [8][9][33] - The net loss from continuing operations was $213.9 million, compared to a loss of $195.8 million in Q1 2024 [9][25] Strategic Developments - The company utilized proceeds from the sale of its Environmental Services business to significantly reduce its debt, enhancing its path to an investment-grade credit rating [2][5] - GFL repurchased 31,725,083 subordinate voting shares, indicating a commitment to returning value to shareholders [2][8] - The company plans to continue opportunistic share repurchases in the future [2] Segment Performance - Revenue from Canada was $494.0 million, with an Adjusted EBITDA margin of 27.9%, while the U.S. segment generated $1,066.1 million in revenue with a margin of 33.8% [33] - The solid waste segment's total revenue was $1,560.1 million, with an Adjusted EBITDA of $497.9 million [33] Cash Flow and Liquidity - Adjusted Free Cash Flow for Q1 2025 was $13.7 million, down from $16.4 million in Q1 2024, primarily due to increased cash capital expenditures [9][20] - Cash at the end of the period was $537.2 million, a significant increase from $133.8 million at the end of 2024 [28][29]