Last $46.96 USD
Change Today -0.01 / -0.02%
Volume 617.8K
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waste connections inc (WCN) Key Developments

Waste Connections Mulls Acquisition

Waste Connections Inc. (NYSE:WCN) is seeking acquisitions. Waste Connections filed a Shelf Registration on February 10, 2015. Waste Connections, said “We intend to use the net proceeds from the sale of the securities offered by us under this prospectus for general corporate purposes, including repaying, redeeming or repurchasing debt, acquisitions of additional assets or businesses, capital expenditures and increasing our working capital.”

Waste Connections Inc. Announces Regular Quarterly Cash Dividend, Payable on March 16, 2015

Waste Connections Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.13 per share on the Company's common stock. The dividend will be paid on March 16, 2015, to stockholders of record on the close of business on March 2, 2015.

Waste Connections Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of Year 2015

Waste Connections Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue of $526.2 million, an 8.3% increase over revenue of $485.9 million in the year ago period. Operating income was $114.0 million compared to $99.4 million in the fourth quarter of 2013. Adjusted EBITDA was $178.2 million, or 33.9% of revenue, compared to $164.5 million, or 33.9% of revenue, in the prior year period. Net income attributable to the company was $60.8 million, or $0.49 per share on a diluted basis of 124.8 million shares compared to $49.4 million, or $0.40 per share on a diluted basis of 124.4 million shares a year ago. Adjusted net income attributable to the company was $63.3 million, or $0.51 per share, versus $54.5 million, or $0.44 per share, in the prior year period. Income before income tax provision was $99,263,000 compared to $81,284,000 a year ago. Adjusted free cash flow was $43,026,000 compared to $38,144,000 a year ago. For the year ended December 31, 2014, the company’s revenue was $2.08 billion, a 7.8% increase over revenue of $1.93 billion in 2013. Operating income was $449.3 million compared to $393.4 million in the prior year. Adjusted EBITDA was $717.1 million, or 34.5% of revenue, compared to $657.0 million, or 34.1% of revenue, in the prior year. Net income attributable to the company was $232.5 million, or $1.86 per share on a diluted basis of 124.8 million shares compared to $195.7 million, or $1.58 per share on a diluted basis of 124.2 million shares. Adjusted net income attributable to the company was $254.2 million or $2.04 per share, compared to $221.7 million, or $1.79 per share, in the prior year. Income before income tax provision was $385,662,000 compared to $320,921,000 a year ago. Net cash provided by operating activities was $545,220,000 compared to $484,061,000 a year ago. Capital expenditures for property and equipment were $241,277,000 compared to $209,874,000 a year ago. Adjusted free cash flow was $321,574,000 compared to $301,579,000 a year ago. Revenue in the first quarter 2015 is estimated to be between $508 million and $512 million, up almost 6% over first quarter 2014. Adjusted EBITDA is estimated to be between 32.5% and 33% of revenue. Operating income for the first quarter is estimated to be between 20% and 20.5% of revenue. Interest expense in first quarter is estimated to be about $16 million. Effective tax rate in first quarter is estimated to be about 39.4%. The company provided earnings guidance for the year 2015. For the year 2015, the company expects revenue to be approximately $2.15 billion, of which $260 million to $275 million is expected to be E&P waste-related. Adjusted EBITDA is estimated to be between 33.5% and 34.0% of revenue, the components of which as a percentage of revenue are as of: operating income is estimated to be between 21.0% and 21.5% of revenue; depreciation and depletion expense is estimated to be approximately 11.2% of revenue; amortization of intangibles expense is estimated to be approximately 1.25% of revenue; and net interest expense is estimated to be approximately $60 million. Effective tax rate is expected to be approximately 39.4%. Net cash provided by operating activities is estimated to be approximately 26.0% of revenue. Capital expenditures are estimated to be between $200 million and $210 million. The company expects $350 million of free cash flow expected in 2015.

Waste Connections Inc. Enterers into Revolving Credit and Term Loan Agreement

On January 26, 2015, Waste Connections Inc. and certain of its subsidiaries entered into a Revolving Credit and Term Loan Agreement with Bank of America, N.A., as Administrative Agent, and the other lenders from time to time party thereto. The credit agreement has a scheduled maturity date of January 24, 2020. Pursuant to the credit agreement, the Lenders have committed to provide revolving advances up to an aggregate principal amount of $1.2 billion at any one time outstanding. The Lenders have also provided a term loan in an aggregate principal amount of $800 million. The company has the option to request increases in the aggregate commitments for revolving advances and one or more additional term loans, provided that the aggregate principal amount of commitments and term loans never exceeds $2.3 billion. For any such increase, the company may ask one or more Lenders to increase their existing commitments or provide additional term loans and/or invite additional eligible lenders to become Lenders under the credit agreement. As part of the aggregate commitments under the facility, the credit agreement provides for letters of credit to be issued at the request of the company in an aggregate amount not to exceed $250 million and for swing line loans to be issued at the request of the Company in an aggregate amount not to exceed the lesser of $35 million and the aggregate commitments. Interest accrues on advances, at the company’s option, at a LIBOR rate or a base rate plus an applicable margin for each interest period. The issuing fees for all letters of credit are also based on an applicable margin. The applicable margin used in connection with interest rates and fees is based on the company’s consolidated leverage ratio. The applicable margin for LIBOR rate loans and letter of credit fees ranges from 1.00% to 1.500% and the applicable margin for base rate loans and swing line loans ranges from 0.00% to 0.500%. The company will also pay a fee based on its consolidated leverage ratio on the actual daily unused amount of the aggregate revolving commitments. The borrowings under the credit agreement are not collateralized. Proceeds of the borrowings under the credit agreement were used to refinance the previous revolving credit facility, under which $730 million was outstanding and which had a maturity of May 4, 2018, and the previous term loan, under which $660 million was outstanding and which had a maturity of October 25, 2017, and will be used for general corporate purposes, including working capital, capital expenditures and permitted acquisitions. The credit agreement contains representations, warranties, covenants and events of default, including a change of control event of default and limitations on incurrence of indebtedness and liens, new lines of business, mergers, transactions with affiliates and restrictive agreements.

Waste Connections Inc. Presents at Gabelli & Company Waste & Environmental Services Symposium, Feb-27-2015 09:30 AM

Waste Connections Inc. Presents at Gabelli & Company Waste & Environmental Services Symposium, Feb-27-2015 09:30 AM. Venue: New York, New York, United States.

 

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WCN Competitors

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Company Last Change
Casella Waste Systems Inc $4.66 USD +0.04
Clean Harbors Inc $55.97 USD 0.00
Progressive Waste Solutions Ltd C$36.09 CAD 0.00
Secure Energy Services Inc C$15.50 CAD 0.00
Stericycle Inc $136.29 USD +1.18
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WCN

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Valuation WCN Industry Range
Price/Earnings 25.2x
Price/Sales 2.8x
Price/Book 2.6x
Price/Cash Flow 11.9x
TEV/Sales 1.8x
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