Research Desk Line-up: Waste Management Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 2, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Waste Connections, Inc. (NYSE: WCN), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=WCN, following the Company's reporting of its second quarter fiscal 2017 earnings results on July 25, 2017. The solid waste services provider outperformed top- and bottom-line expectations and also raised its revenue and adjusted EBITDA forecast for fiscal 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Waste Management industry. Pro-TD has currently selected Waste Management, Inc. (NYSE: WM) for due-diligence and potential coverage as the Company announced on July 26, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Waste Management when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on WCN; also brushing on WM. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=WCN

http://protraderdaily.com/optin/?symbol=WM

Earnings Reviewed

Waste Connections' revenue in Q2 2017 totaled $1.176 billion, up from $727.6 million in Q2 2016. The Company's revenue from the Progressive Waste's acquisition completed on June 01, 2016, was $511.4 million and $174.0 million in the reported year and prior year's same periods, respectively. The Company's revenue numbers surpassed analysts' expectations of $1.15 billion.

During Q2 2017, Waste Connections' operating income was $206.9 million, including charges of $7.4 million primarily related to share-based compensation costs associated with share-based awards assumed in the Progressive Waste acquisition, compared to operating income of $63.5 million in Q2 2016, which included $73.2 million of items primarily related to the Progressive Waste's acquisition completed in that period. The Company's adjusted EBITDA in the reported quarter was $373.6 million compared to adjusted EBITDA of $233.6 million in the prior year's corresponding period.

Net income attributable to Waste Connections in Q2 2017 was $123.7 million, or $0.47 per share on a diluted basis, compared to net income attributable to Waste Connections of $27.5 million, or $0.13 per share, in Q2 2016. The Company noted that shares and per share numbers reflected a three-for-two share split completed in June 2017.

Adjusted net income attributable to Waste Connections in the reported quarter was $145.5 million, or $0.55 per share, versus $93.2 million, or $0.44 per share, in the prior year's same period and came in ahead of Wall Street's estimates for earnings of $0.53 per share.

Segmental Details

During Q2 2017, Waste Connections' Solid Waste Collection segment's revenue totaled $794.74 million compared to $501.17 million in Q2 2016 and contributed 67.6% of overall revenue. The Company's Solid Waste Disposal and Transfer division recorded revenue of $257.2 million in the reported quarter, up from $160 million in the prior-year's same quarter. Waste Connections' Solid Waste Recycling revenues jumped to $41.3 million from $16.7 million in Q2 2016.

For Q2 2017, the Company's E&P Waste Treatment, Recovery, and Disposal unit generated revenue of $47.17 million compared to $27.5 million in the year earlier same quarter.

Cash Matters

As of June 30, 2017, Waste Connections had cash and cash equivalents of $399.7 million. For Q2 2017, cash flow from operating activities was $264.43 million compared with $94.93 million recorded in Q2 2016. Waste Connections' debt to Book capitalization as of June 30, 2017, was 41%, while Days Sales Outstanding for the three months ended June 30, 2017, was 43%, or 32% net of deferred revenue.

Outlook

For FY17, Waste Connections is forecasting revenue to be approximately $4.570 billion compared to its original revenue outlook of approximately $4.450 billion. The Company expects net income to be approximately $390 million and adjusted EBITDA to be approximately $1.450 billion, or about 31.7% of revenue, compared to its original adjusted EBITDA outlook of $1.410 billion.

Waste Connections is estimating net cash provided by operating activities to be approximately $1.186 billion and adjusted free cash flow to come approximately $750 million, or about 16.4% of revenue, compared to its original adjusted free cash flow outlook of approximately $725 million.

Stock Performance

Waste Connections' share price finished yesterday's trading session at $65.44, marginally up 0.71%. A total volume of 665.25 thousand shares have exchanged hands. The Company's stock price soared 5.88% in the last three months, 22.24% in the past six months, and 32.29% in the previous twelve months. Additionally, the stock surged 24.90% since the start of the year. Shares of the Company have a PE ratio of 55.22 and have a dividend yield of 0.73%. The stock currently has a market cap of $17.44 billion.

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SOURCE: Pro-Trader Daily