Waste Connections Beats on Top and Bottom Line (WCN)

Waste Connections WCN reports Q2 EPS $0.48 vs consensus of $0.45. Waste Connections reports Q2 revenue $330.5 million vs consensus of $324.92 million. Revenues rose 9.1% year over year. "Year-over-year increases in landfill volumes, roll-off activity, and recycled commodity prices enabled us once again to exceed the upper end of our expectations in the quarter. Strong organic growth and an approximate 150 basis points expansion in adjusted operating income before depreciation and amortization* as a percentage of revenue contributed to an almost 30% increase in adjusted earnings per share compared to the year-ago period," said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer. He added, “We remain on track to repurchase five to six percent of outstanding shares in 2010. Our strong operating results and free cash flow have further strengthened our credit profile despite our active share repurchase program." Shares of WCN were lower by 0.14% in the after-hours. Waste Connections, Inc. is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S.