Waste Connection Stock Price, News & Analysis

Waste Connections (WCN) has released its 2024 Sustainability Report, highlighting significant progress in its ESG initiatives. The company achieved a 40% reduction in emissions intensity from its 2019 baseline, with absolute emissions down 13%. Employee engagement showed marked improvement with a 22% decline in voluntary turnover in 2023, extending to over 40% from 2022 peak levels.

Safety metrics improved with a 7% reduction in incident rates in 2023, reaching a 13% decline from 2022 levels. The company has initiated electric vehicle testing in New York City and continues to increase recycling and biogas recovery efforts. These achievements align with their commitment to long-term value creation while maintaining sustainable business practices across their operations serving nine million customers in the U.S. and Canada.

Waste Connections (WCN) has announced a 10.5% increase in its quarterly cash dividend, raising it from $0.285 to $0.315 per common share. The dividend will be paid on November 21, 2024 to shareholders of record as of November 7, 2024. U.S. shareholders will receive payments in USD, while Canadian shareholders will receive payments in CAD based on the Bank of Canada's exchange rate on November 7, 2024. The Board plans to review the dividend annually in October with a long-term goal of continued increases.

Waste Connections (WCN) reported strong Q3 2024 results with revenue reaching $2.338 billion, up 13.3% year-over-year. Net income was $308.0 million with adjusted EBITDA of $787.4 million, up 17.3%. The company increased its quarterly dividend by 10.5% and raised its full-year 2024 outlook to $8.9 billion in revenue, up $150 million from original outlook. Solid waste growth was led by 6.8% core pricing and improved solid waste volumes. The company is on track for acquisitions totaling over $700 million in annualized revenue, with an estimated 2% rollover revenue contribution expected in 2025.

Waste Connections (TSX/NYSE: WCN) has announced the dates for its third quarter 2024 earnings release and conference call. The company will report financial results after market close on October 23, 2024, followed by an investor conference call on October 24th at 8:30 A.M. Eastern Time. Investors can access the call via webcast or preregister for dial-in instructions. A replay will be available until October 31, 2024.

Waste Connections is an integrated solid waste services company operating across 46 U.S. states and 6 Canadian provinces. It serves approximately nine million customers, providing non-hazardous waste collection, transfer, disposal, and resource recovery services. The company emphasizes its commitment to Environmental, Social, and Governance (ESG) initiatives, focusing on emissions reduction, resource recovery, and employee engagement.

Texas Pacific Land (NYSE: TPL) has announced the closing of two acquisitions in the Permian Basin for $169 million in cash. The acquisitions include:

1. Mineral interests across 4,106 net royalty acres in Culberson County, Texas, overlapping existing TPL royalty acreage and surface acreage.

2. Surface asset spanning 4,120 acres in Martin County, Texas, generating revenue from water supply, produced water disposal, and other surface-related activities.

The combined asset purchase price implies a >13% 2025 free cash flow yield at current strip prices. TPL expects these high-quality assets to immediately contribute to free cash flow and provide substantial incremental value to their legacy asset base.

Waste Connections (TSX/NYSE: WCN) has received approval from the Toronto Stock Exchange for the annual renewal of its normal course issuer bid (NCIB). The company plans to purchase up to 12,901,981 common shares, representing 5% of its issued and outstanding shares, over the next 12 months. Daily repurchases will be to a maximum of 60,089 common shares on the TSX and 25% of the average daily trading volume on the NYSE.

The NCIB will run from August 12, 2024, to August 11, 2025. Waste Connections believes that share repurchases align with its objective to return capital to shareholders over time. The company has not purchased any shares under its current NCIB, which expires on August 9, 2024.

Waste Connections (WCN) has announced changes to its Board of Directors. Cherylyn Harley LeBon, 58, will join the Board and its Compensation Committee effective August 1, 2024, filling the vacancy created by Larry S. Hughes' resignation. LeBon, a partner at Womble Bond Dickinson (US) LLP, brings extensive experience in corporate governance, business strategy, and government relations. She has previously held senior roles in the U.S. Small Business Administration and the Department of Veterans Affairs.

Ronald J. Mittelstaedt, President and CEO, expressed confidence in LeBon's addition to the Board, citing her diverse background and expertise. The company also thanked Hughes for his decade of service, acknowledging his valuable contributions as an attorney and in C-suite level leadership roles.

Waste Connections has declared a regular quarterly cash dividend of $0.285 per common share. The dividend will be paid on August 22, 2024 to shareholders of record by the close of business on August 7, 2024. Payments will be made in U.S. dollars for shares held by U.S. depositary DTC participants, and in Canadian dollars for shares held by Canadian depositary CDS participants, based on the Bank of Canada's daily average exchange rate on August 7, 2024. Shareholders holding shares directly with Computershare will receive payments in Canadian dollars if they are Canadian residents, and in U.S. dollars if they are not. The Board intends to review the dividend each October with a goal of increasing it over the long term.

Waste Connections (NYSE: WCN) reported strong Q2 2024 results, driven by solid execution and acquisition activities. Revenue reached $2.248 billion, up 11.2% YoY, beating expectations. Net income was $275.5 million with an adjusted EBITDA of $731.8 million, reflecting a 16.4% increase. The company raised its full-year outlook, projecting net income of approximately $1.087 billion and adjusted EBITDA of $2.900 billion on revenue of $8.850 billion. Additionally, Waste Connections has completed acquisitions totaling $650 million in annualized revenue.

CEO Ronald J. Mittelstaedt highlighted continued operational strength and improved employee retention. For the first six months of 2024, revenue was $4.321 billion, with net income of $505.5 million. The company remains poised for significant growth, with further acquisitions expected to close later in the year.