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Waste Connections profit misses consensus by 23.9% in Q1

Waste Connections Inc. said its first-quarter normalized net income amounted to 35 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS climbed 25.3% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $92.4 million, an increase of 78.5% from $51.7 million in the year-earlier period.

The normalized profit margin declined to 8.5% from 10.1% in the year-earlier period.

Total revenue increased 112.0% on an annual basis to $1.09 billion from $514.7 million, and total operating expenses climbed 120.7% year over year to $915.0 million from $414.6 million.

Reported net income fell 68.3% year over year to $14.1 million, or 5 cents per share, from $44.4 million, or 24 cents per share.