Waste Connections 4Q Revenue Higher, Net Income Declines
By Denny Jacob
Waste Connections grew revenue in its latest quarter, aided in part by solid waste organic growth and improvements in commodity-driven revenues.
The waste services company posted net income of $126.8 million, or 49 cents a share, for the fourth quarter, down from $194.3 million, or 75 cents a share, a year earlier. Adjusted earnings were $1.11 a share, above analysts' estimates of $1.08 a share in adjusted earnings.
Revenue rose 8.9% to $2.04 billion from $1.87 billion, matching expectations of analysts polled by FactSet.
"Solid waste organic growth led by 8.7% core pricing was bolstered by improvements in commodity-driven revenues during the quarter, providing momentum for 2024," Chief Executive Ronald Mittelstaedt said.
For 2024, Waste Connections forecast revenue around $8.75 billion and net income of about $1.1 billion. Analysts polled by FactSet expected $8.72 billion in revenue and net income of $1.11 billion.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 13, 2024 16:46 ET (21:46 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks