Waste Connections, Inc. has reported a 66.83 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $14.87 million, or $0.08 a share in the quarter, compared with $44.84 million, or $0.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $130.35 million, or $0.74 a share compared with $55.22 million or $0.45 a share, a year ago. Revenue during the quarter surged 112.03 percent to $1,091.27 million from $514.68 million in the previous year period. Gross margin for the quarter contracted 316 basis points over the previous year period to 41.04 percent. Total expenses were 97.58 percent of quarterly revenues, up from 82.32 percent for the same period last year. That has resulted in a contraction of 1526 basis points in operating margin to 2.42 percent.
Operating income for the quarter was $26.40 million, compared with $90.98 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $332.80 million compared with $169.74 million in the prior year period. At the same time, adjusted EBITDA margin contracted 248 basis points in the quarter to 30.50 percent from 32.98 percent in the last year period.
"2017 is off to a great start, with 15% same store landfill tonnage increases, better than expected contribution from recent acquisitions, increased E&P waste activity, and higher recycled commodity prices all driving results above our outlook for the first quarter. Adjusted EBITDA margin was 50 basis points above our expectations, and most importantly, adjusted free cash flow was $237.5 million, putting us well on our way to our full year adjusted free cash flow outlook of $725 million," said Ronald J. Mittelstaedt, chairman and chief executive officer.
Operating cash flow improves significantly
Progressive Waste Solutions has generated cash of $287.48 million from operating activities during the quarter, up 74.53 percent or $122.76 million, when compared with the last year period. The company has spent $412.86 million cash to meet investing activities during the quarter as against cash outgo of $59.04 million in the last year period. It has incurred capital expenditure of $72.39 million on net basis during the quarter, up 29.51 percent or $16.50 million from year ago period.
Cash flow from financing activities was $239.41 million for the quarter as against cash outgo of $107.38 million in the last year period.
Cash and cash equivalents stood at $268.47 million as on Mar. 31, 2017, up 2,798.29 percent or $259.21 million from $9.26 million on Mar. 31, 2016.
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