Waste Connections, Inc. (WCN) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $88.62 million, or $ 0.50 a share in the quarter, against a net loss of $257.01 million, or $2.08 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $126.46 million, or $0.72 a share compared with $66.52 million or $0.54 a share, a year ago.
Revenue during the quarter surged 98 percent to $1,084.92 million from $547.94 million in the previous year period. Gross margin for the quarter contracted 373 basis points over the previous year period to 41.35 percent. Operating margin for the quarter period stood at positive 14.62 percent as compared to a negative 68.47 percent for the previous year period.
Operating income for the quarter was $158.67 million, compared with an operating loss of $375.15 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $342.32 million compared with $188.98 million in the prior year period. At the same time, adjusted EBITDA margin contracted 294 basis points in the quarter to 31.55 percent from 34.49 percent in the last year period.
"Our results continue to track at or above the increased expectations we communicated in August, and we are extremely pleased that safety, pricing and operational improvements within recently acquired operations continue ahead of schedule," said Ronald J. Mittelstaedt, Chief Executive Officer and Chairman. "Adjusted free cash flow remains notably strong at $205.8 million in the period, which reflects the first full quarter of combined operations since completing the Progressive Waste acquisition, and $440.3 million year-to-date, or 18.9% of revenue."
Operating cash flow improves
Waste Connections, Inc. has generated cash of $538.83 million from operating activities during the nine month period, up 16.30 percent or $75.50 million, when compared with the last year period.
The company has spent $153.05 million cash to meet investing activities during the nine month period as against cash outgo of $277 million in the last year period. It has incurred net capital expenditure of $136.17 million on net basis during the nine month period, down 18.32 percent or $30.53 million from year ago period.
The company has spent $276.94 million cash to carry out financing activities during the nine month period as against cash outgo of $177.13 million in the last year period.
Cash and cash equivalents stood at stood at $119.34 million as at Sep. 30, 2016.
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