- Waste Connections reported Q2 revenue of $727.6 million, including $174 million from its acquisition of Progressive Waste Solutions, as compared to $531.3 million in the same period last year.
- The company's operating income was $63.5 million as compared to $110 million in Q2 of 2015. This included $73.2 million of items mainly related to the Progressive deal.
- Adjusted net income minus merger expenses was $93.2 million, compared to $61.6 million for the same quarter last year. Adjusted EBITDA was $233.6 million, up from $177.7 million a year ago.
While the company has experienced some losses in recent years it has been on an upward trajectory and the Progressive merger seems to have helped boost it even further. The merger, completed in June, makes Waste Connections the third-largest waste service provider in North America.
"Better than expected solid waste volume growth and contribution from the recent combination with Progressive Waste enabled us to once again exceed our outlook for the period," said CEO Ronald J. Mittelstaedt in a statement. "We had underestimated the opportunity for improvement within Progressive Waste's operations and are encouraged by the organizational momentum to exceed original expectations as we look ahead."
Mittelstaedt left the door open for future acquisitions and the company has remained active on that front over the summer. In June, Waste Connections bought select non-core assets in South Dakota from Red River Waste Solutions for an undisclosed amount. The company has also been expanding services in certain markets, including a new organic waste collection program in California's San Luis Obispo County.