Waste Connections Inc

WCN: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 553.00	Xxx	Jgcbmbg

Waste Connections Earnings: Pricing Power and Acquisitions Continue to Drive Strong Growth

Brian Bernard

Jul 26, 2024

Wide-moat-rated Waste Connections delivered a strong second-quarter financial performance, with revenue growing more than 11% year over year to $2.25 billion and adjusted EBITDA margin expanding 150 basis points to 32.6%. Revenue growth was driven by strong pricing gains (core price was up 7%) and acquisitions (adding more than 6 percentage points of growth), partially offset by a nearly 3-percentage-point sales growth headwind from lower volumes. Waste Connections continues to optimize its revenue quality by shedding contracts that are not generating appropriate profit margins.

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