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Waste Connections profit misses consensus by 20.0% in Q3

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Waste Connections profit misses consensus by 20.0% in Q3

Waste Connections Inc. said its normalized net income for the third quarter was 38 cents per share, compared with the S&P Capital IQ consensus estimate of 47 cents per share.

EPS climbed 10.9% year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $99.1 million, a gain of 58.2% from $62.7 million in the year-earlier period.

The normalized profit margin dropped to 9.1% from 11.4% in the year-earlier period.

Total revenue grew 98.0% on an annual basis to $1.08 billion from $547.9 million, and total operating expenses grew 109.1% year over year to $898.6 million from $429.7 million.

Reported net income came to $87.9 million, or 33 cents per share, compared with a loss of $256.4 million, or a loss of $1.39 per share, in the year-earlier period.