Waste Connections二季度利润超预期、盘后上涨但全年收入指引基本未上修

Waste Connections (WCN) topped Wall Street earnings expectations and modestly exceeded revenue estimates in the second quarter, while raising its full-year outlook on continued pricing strength, margin expansion and contributions from acquisitions.
Shares of Waste Connections (WCN) rose 4.4% in extended trading Wednesday after the waste collection and disposal company reported results. Through Wednesday's regular-session close, the stock was down about 4.3% for the year.
The company reported second-quarter revenue of $2.56 billion, up 6.4% from $2.41 billion a year earlier. The result essentially matched analysts' consensus estimate of $2.54 billion, with the roughly $20 million difference amounting to less than 1% of revenue.
Adjusted earnings were $1.50 a share, topping the Wall Street consensus estimate of $1.35 a share.
Net income rose to $296.4 million, or $1.17 a share, from $290.3 million, or $1.12 a share, a year earlier.
President and Chief Executive Officer Ronald Mittelstaedt said the company delivered results "above expectations" thanks to "strong operational execution driving a top-to-bottom beat in the second quarter."
Second-quarter adjusted earnings before interest, taxes, depreciation and amortization reached $840.1 million, up from $786.4 million a year earlier. The adjusted ebitda margin expanded to 32.8% from 32.7%, as underlying margin gains more than offset higher fuel costs and weaker commodity prices.
The company said solid waste internal growth was 3.6% during the quarter, reflecting a 4.6% yield and 5.6% core pricing, partly offset by lower volumes and recycling revenue.
Waste Connections (WCN), whose operations include non-hazardous waste collection, recycling, renewable fuels generation and landfill services across the U.S. and Canada, serves roughly 9 million residential, commercial and industrial customers.
Waste Connections (WCN) raised its 2026 guidance after strong first-half execution.
The company now expects full-year revenue of $10.02 billion to $10.05 billion, compared with its previous forecast of $10.02 billion to $10.05 billion and slightly above the Wall Street consensus of about $10.0 billion.
It also projected adjusted ebitda of $3.33 billion to $3.34 billion, net income of $1.169 billion to $1.173 billion, capital expenditures of about $1.25 billion and adjusted free cash flow of $1.40 billion to $1.45 billion.
Mittelstaedt said the company has completed acquisitions representing more than $100 million in annualized revenue so far this year and remains positioned for another active year of dealmaking.