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Waste Connections profit misses consensus by 22.0% in Q2

Waste Connections Inc. said its normalized net income for the second quarter came to 41 cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS climbed 82.3% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $108.3 million, an increase of 128.3% from $47.4 million in the year-earlier period.

The normalized profit margin increased to 9.2% from 6.5% in the year-earlier period.

Total revenue grew 61.6% year over year to $1.18 billion from $727.6 million, and total operating expenses rose 53.7% year over year to $971.6 million from $632.3 million.

Reported net income grew 352.8% from the prior-year period to $124.1 million, or 47 cents per share, from $27.4 million, or 13 cents per share.