What led to Waste Connections Inc (NYSE: WCN) stock weakness

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Waste Connections Inc (NYSE: WCN) stock lost over 0.3% in the pre-market session of 13th Feb, 2020 (Source: Google finance) after the company posted fourth quarter of FY 19. WCN in the fourth quarter of FY 19 has reported the adjusted earnings per share of 69 cents, while the adjusted revenue growth of 7.9 percent to $1.36 billion in the fourth quarter of FY 19. Operating income, which included $29.0 million of impairments and other operating items mainly due to the Company’s sale of a non-strategic materials processing facility and $3.7 million of acquisition-related costs, was $194.2 million.  This compares to $200.0 million in the prior year period, which included $14.0 million of impairments and other operating items and $2.8 million of acquisition-related costs.

The company has reported net income attributable to Waste Connections in the fourth quarter of $133.3 million compared to $132.5 million In the prior year period. Further, the acquisition activity also accelerated into year-end, as the company had announced an additional $130 million in acquired annualized revenue in December, including a new market entry in Pennsylvania and tuck-ins in Illinois and Tennessee.  Acquisitions completed in 2019 provide rollover revenue growth of approximately $170 million in 2020, and the pace of acquisition activity remains elevated. For the year ended December 31, 2019, revenue had increased to $5.389 billion , as compared to revenue of $4.923 billion in 2018. Net income attributable to Waste Connections in 2019 was $566.8 million, or $2.14 per share on a diluted basis of 264.5 million shares.  In 2018, the Company has reported net income attributable to Waste Connections of $546.9 million, of 264.4 million shares.

For fiscal 2020, the company expects revenue to be in the range of $5.725 billion to $5.775 billion, Net income attributable to Waste Connections is projected to be in the range of $653.0 million to $668.0 million, adjusted EBITDA is expected to be in the range of $1.760 billion to $1.785 billion, or 30.7% – 30.9% of revenue. Net cash provided by operating activities is projected to be in the range of $1.600 billion to $1.625 billion, capital expenditures are estimated to be at $625 million and adjusted free cash flow is estimated in the range of $975.0 million to $1.0 billion

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