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Mar 31, 2023
Waste Connections Q1 2023 Earnings Report
Waste Connections reported strong Q1 2023 results driven by price-led organic growth and strategic acquisitions.
Key Takeaways
Waste Connections reported a strong start to 2023, with revenue up 15.4% to $1.901 billion. The company's performance was driven by record solid waste pricing growth, strong operational execution, and continuing acquisition activity. Net income was $197.8 million, or $0.77 per share, and adjusted EBITDA was $566.9 million.
Revenue increased by 15.4% year-over-year to $1.901 billion.
Net income reached $197.8 million, with EPS at $0.77.
Adjusted EBITDA was reported at $566.9 million.
The company is on track to achieve its full-year outlook, with potential upside from acquisitions and favorable market conditions.
Revenue by Segment
Forward Guidance
Continued visibility on pricing, improving trends in labor availability and retention, and recent normalization of weather patterns position Waste Connections to deliver the full year outlook they provided in February. Upside potential to this outlook remains from any additional acquisitions, increases in recycled commodities and renewable fuels values, or reduction of inflationary pressures.
Positive Outlook
- Continued visibility on pricing
- Improving trends in labor availability and retention
- Recent normalization of weather patterns
- Potential upside from any additional acquisitions
- Increases in recycled commodities and renewable fuels values
Challenges Ahead
- Weather-related impacts to solid waste roll-off activity and landfill volumes, particularly on the West Coast
- Decline in resource recovery values during the second half of 2022
- Acquisitions completed since the year-ago period were 30 basis points dilutive to reported margins
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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