The following is a summary of the Waste Connections, Inc. (WCN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Waste Connections reported a Q1 revenue of $2.073 billion, $23 million above projected due to higher acquisition contributions and commodity values.
Adjusted EBITDA stood at $650.7 million, a year-over-year increase of 14.8%.
Company noted improved operational trends, expecting a financially strong year and a record year for M&A.
Acquisitions added approximately $375 million to annualized revenue.
Additional $80 to $90 million revenue expected due to incremental deal activity.
Business Progress:
The company reported progress in employee retention and safety, expected to result in cost savings.
Development of various renewable gas (RNG) facilities ongoing, three to be operational this year.
Expected volume decrease in Q2 seen as margin opportunity due to continuous M&A.
Reduced open headcount by 46%, aims to lower voluntary turnover by year-end.
Aiming to hire one third of workforce internally, reducing dependence on open market employment.
Actively capitalizing on PFAS regulation opportunities and enhancing Arrowhead asset utilization.
Successfully filled key roles internally, launched pilot projects like electric trucks in NYC.
Acquisitions' profits were accretive, with WasteAway contributing over half of the extra $150 million revenue.
Chiquita Canyon landfill remediation process ahead of schedule, demonstrating environmental responsibility.
More details: Waste Connections IR
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