UPDATE 1-Waste Connections Q3 results beat Street view
Oct 18 (Reuters) - Waste Connections Inc results
beat market estimates for the seventh consecutive quarter,
helped by higher revenue at its waste collection business and
strong pricing.”We once again exceeded the upper end of our revenue and
margin expectations due primarily to continuing strength in
pricing, special waste activity and recycling commodity values,”
Chief Executive Ronald Mittelstaedt said in a statement.July-September net income climbed to $46.3 million, or 41
cents a share, from $41 million, or 35 cents a share a year ago.Excluding items, it earned 42 cents, against estimates of 40
cents a share.Total revenue at the Folsom, California-based firm rose 17
percent to $404 million. Analysts had expected revenue of $399.5
million, according to Thomson Reuters I/B/E/S.Revenue at its waste collection business, which made for
more than half of total revenue, rose 20 percent to $282
million.The company, which provides solid waste collection,
transfer, disposal and recycling services, also increased its
quarterly dividend by 20 percent to 9 cents per share. The
dividend will be payable on Nov. 16 to stockholders of record on
Nov. 2.The company’s shares closed at $34.34 on Tuesday on the New
York Stock Exchange.
