GFL Environmental Inc. provides environmental services in North America, with operations centered on non-hazardous solid waste collection, transfer, recycling and disposal. Its Environmental Services activities include liquid waste management and soil remediation, alongside a solid waste platform serving Canadian and U.S. markets.
Company news commonly covers operating results and guidance, acquisition activity that expands or densifies local waste-service networks, dividend declarations, share repurchase programs, capital-structure updates and shareholder governance matters. Recent corporate updates also include completed solid waste acquisitions such as Frontier Waste Solutions in Texas.
GFL Environmental reported strong Q2 2024 results, surpassing guidance and raising full-year 2024 outlook for the second time. Key highlights include:
- Revenue of $2,060.0 million, up 11.1% excluding divestitures
- Adjusted EBITDA of $591.1 million, up 13.9% excluding divestitures
- Adjusted EBITDA margin of 28.7%, up 90 basis points
- Solid Waste price increase of 6.5% excluding divestitures
- Year-to-date acquisitions generating ~$100 million in annualized revenue
GFL raised its full-year 2024 guidance, projecting Adjusted EBITDA of $2,240-$2,250 million and an Adjusted EBITDA margin of 28.4%, up 170 basis points year-over-year. The company is exploring potential asset sales, including its Environmental Services business, to accelerate deleveraging and fund stock buybacks.
GFL Environmental (NYSE: GFL) has announced a quarterly cash dividend of US$0.014 per subordinate and multiple voting share for Q2 2024. The dividend is payable on July 31, 2024, to shareholders recorded by July 15, 2024. This dividend is categorized as an eligible dividend under Canada's Income Tax Act.
GFL Environmental has successfully amended its $725 million senior secured term loan. The amendment reduces the borrowing rate from SOFR +250 basis points to SOFR +200 basis points and extends the loan's maturity from 2027 to 2031. This move comes after a recent credit rating upgrade and was significantly oversubscribed. CEO Patrick Dovigi highlighted that this repricing will help increase free cash flow, extend debt maturities, and maintain balance sheet flexibility. Over the last 12 months, GFL has reduced its senior secured term loan spread by 110 basis points and aims to achieve a net leverage target between 3.65x and 3.85x by year-end. The company is also focusing on achieving an investment-grade credit rating in the medium term.
GFL Environmental Inc. (NYSE: GFL) will announce its Q2 2024 financial results on Wednesday, July 31, 2024, after market close. The company will hold an investor conference call on Thursday, August 1, 2024, at 8:30 am Eastern Time.
Participants can listen to the live audio webcast via the Investors page on GFL's website or join toll-free by dialing specific numbers in Canada and the United States. Pre-registration for the call is encouraged for quick access.
GFL Environmental announced the pricing of $500 million in 6.625% senior notes due 2032. The offering was significantly oversubscribed, resulting in an effective interest rate of 6.101% post-swap. The proceeds, along with cash on hand, will be used to redeem all $500 million of GFL's 4.250% Senior Secured Notes due 2025, which have a 4.805% effective rate. This move aligns with GFL's strategy to transition more debt from secured to unsecured and extend debt maturities while preserving balance sheet flexibility. The refinancing is expected to be leverage neutral and have minimal impact on free cash flow due to offsetting cash tax savings.
GFL Environmental announced plans for a private offering of US$500 million in senior notes due 2032. The proceeds will be used to redeem the company's existing US$500 million 4.250% Senior Secured Notes due 2025, along with related fees and interest. The new notes will be issued by a US subsidiary and guaranteed by GFL and certain other subsidiaries. The company aims to shift more debt from secured to unsecured, extend debt maturities, and maintain balance sheet flexibility. The refinancing is expected to be leverage neutral, with incremental interest expenses offset by cash tax savings, making a minimal impact on free cash flow.
GFL Environmental announced the results of its annual general meeting held on May 15, 2024. Shareholders voted in favor of all proposed items, including the election of director nominees. Key votes included Patrick Dovigi (93.58% in favor), Dino Chiesa (78.95% in favor), and Violet Konkle (99.70% in favor). The final results will be available on SEDAR+ and EDGAR. GFL, headquartered in Vaughan, Ontario, is a leading environmental services firm in North America, with over 20,000 employees.
GFL Environmental Inc. reported revenue of $1,801.4 million for the first quarter of 2024, exceeding expectations. Adjusted EBITDA increased by 10.0%, reaching $455.7 million. The company announced an Adjusted EBITDA guidance raise to approximately $2,230.0 million for 2024.
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