Waste Connections(WCN)Q3收入与调整后EPS双超预期、年内第二次上调全年指引，但盘后先跌2%后反弹至+2%，市场无一致方向

Waste Connections ( WCN ) reported higher third-quarter earnings and revenue Wednesday as improving landfill activity and stronger commodity-related revenue helped the waste management company raise its full-year outlook for the second time this year. Revenue rose 7.3% to $2.64 billion from $2.46 billion a year earlier, beating Wall Street's consensus estimate of $2.61 billion by about $20 million. Adjusted earnings increased to $1.58 a share from $1.44 a share in the year-earlier period, exceeding analysts' consensus estimate of $1.52 a share by $0.06. Shares of Waste Connections ( WCN ) fell 2% in extended trading Wednesday following the earnings announcement. The stock was down 3.9% for the year through Wednesday's close. The results offer investors signs that demand for waste disposal services is improving, particularly at landfills. Higher prices, stronger commodity-related revenue and better operating efficiency helped offset continued weakness in overall waste volumes and a late-quarter increase in diesel costs. The company's ability to expand profitability while raising its outlook suggests that pricing and cost controls are helping protect margins. Waste Connections ( WCN ), which serves about 9 million residential, commercial and industrial customers across 46 U.S. states and six Canadian provinces, has built its business around smaller markets where competition is often limited. Its services include residential trash collection, commercial waste disposal, recycling, landfill operations and oilfield waste treatment. Landfill activity improves The company reported a 70-basis-point sequential improvement in solid waste unit volumes, led by increased landfill activity. Still, overall solid waste unit volumes declined 1.2% from a year earlier, indicating that demand hasn't fully recovered. Core pricing increased 5.5% during the quarter, while yield, a measure of average revenue per unit of service, rose 4.3%. Surcharges contributed another 1.3% to internal revenue growth. Total internal solid waste revenue growth was 4.5%, reflecting the benefits of pricing increases despite lower volumes. "Another top to bottom beat in the period was driven by continued strength in operational execution along with improving trends in landfill activity and commodity-driven revenue," Chief Executive Ronald J. Mittelstaedt said in the earnings announcement. Solid waste collection revenue increased 5.5% to $1.82 billion from $1.72 billion a year earlier. Disposal and transfer revenue rose 7.8% to $492.2 million from $456.4 million. Revenue from exploration and production waste treatment, recovery and disposal climbed nearly 19% to $212.9 million from $179.1 million. The business handles non-hazardous waste associated with oil and gas production. Recycling revenue increased 15.1% to $64.7 million from $56.2 million. Profit margins expand despite higher fuel costs Adjusted earnings before interest, taxes, depreciation and amortization, or ebitda, increased 7.9% to $895.8 million from $830.3 million a year earlier. The adjusted ebitda margin widened to 34% from 33.8% a year earlier, even as higher diesel prices increased operating costs late in the quarter. Management said underlying margins expanded 50 basis points, reflecting improved operating efficiency and the benefits of stronger employee retention and safety performance. Operating income rose to $541.7 million from $439.6 million a year earlier. The year-earlier quarter included $63.5 million in charges primarily related to contract write-downs, an oilfield waste facility permit, environmental liabilities and transaction expenses. Adjusted net income increased to $398.9 million from $372 million a year earlier. Company raises outlook again Waste Connections ( WCN ) raised its 2026 revenue outlook to approximately $10.09 billion and projected adjusted ebitda of $3.345 billion. The company also forecast net income of approximately $1.18 billion and capital expenditures of $1.25 billion. Operating cash flow is expected to range from $2.64 billion to $2.69 billion, while adjusted free cash flow is projected at $1.4 billion to $1.45 billion. The updated guidance excludes the potential contribution from acquisitions completed during the remainder of the year. Management said additional acquisitions and further improvement in oilfield waste activity or commodity-related revenue could provide upside to its projections. Acquisitions, share buybacks Waste Connections ( WCN ) completed acquisitions representing approximately $130 million in annualized revenue during the first nine months of 2026. The company also continued returning capital to shareholders through dividends and stock repurchases. Year-to-date share repurchases exceeded $1 billion, representing approximately 2.5% of outstanding shares. The company increased its regular quarterly dividend by 10%, marking its 16th consecutive annual double-digit increase. For the first nine months of 2026, revenue increased 6.7% to $7.57 billion from $7.09 billion a year earlier. Net income rose to $875 million from $818.1 million. Operating cash flow increased to $1.97 billion from $1.86 billion, while adjusted free cash flow edged higher to $1.09 billion from $1.08 billion. The modest increase in adjusted free cash flow, despite stronger earnings, reflects the company's continuing capital requirements. Capital spending on property and equipment increased to $893.7 million from $794.9 million during the first nine months. For investors, the key questions heading into 2027 are whether landfill volumes continue recovering, how much additional growth comes from acquisitions and whether the company can sustain its strong margins while generating enough cash to support both expansion and shareholder returns.