Recent Insider Transactions • 15h
Executive VP recently sold CA$1.6m worth of stock On the 5th of June, Patrick Shea sold around 8k shares on-market at roughly CA$218 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$9.7m more than they sold in the last 12 months. Recent Insider Transactions • May 14
Founder recently bought CA$10m worth of stock On the 12th of May, Ronald Mittelstaedt bought around 50k shares on-market at roughly CA$209 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ronald's only on-market trade for the last 12 months. Recent Insider Transactions • May 05
Senior VP & Chief Information Officer recently sold CA$1.3m worth of stock On the 30th of April, Eric Hansen sold around 6k shares on-market at roughly CA$224 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$7.7m more than they bought in the last 12 months. New Risk • May 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$1.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (111% net debt to equity). Significant insider selling over the past 3 months (CA$1.4m sold). Declared Dividend • Apr 26
First quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 6th May 2026 Payment date: 21st May 2026 Dividend yield will be 0.8%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: US$0.86 (down from US$0.94 in 1Q 2025). Revenue: US$2.37b (up 6.4% from 1Q 2025). Net income: US$219.3m (down 9.2% from 1Q 2025). Profit margin: 9.3% (down from 11% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Announcement • Apr 24
Waste Connections Announces Regular Quarterly Cash Dividend, Payable on May 21, 2026 Waste Connections, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.35 per common share of the Company. The regular quarterly cash dividend will be paid on May 21, 2026 to shareholders of record at the close of business on May 6, 2026. The Board intends to review the quarterly dividend each October, with a long-term objective of increasing the amount of the dividend. Announcement • Mar 26
Waste Connections, Inc. to Report Q1, 2026 Results on Apr 22, 2026 Waste Connections, Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 22, 2026 Announcement • Mar 19
Waste Connections, Inc. Appoints Daniel L. Florness to Its Board of Directors, Effective April 1, 2026 Waste Connections, Inc. announced that Daniel L. Florness has been appointed to its Board of Directors, effective April 1, 2026. Mr. Florness, age 62, currently serves as the Chief Executive Officer and a member of the board of directors for Fastenal Company, positions he has held since 2016. He previously served as Fastenal’s President and Chief Executive Officer from 2016 to 2024, Executive Vice President and Chief Financial Officer from 2002 to 2015, and Chief Financial Officer from 1996 to 2002. Prior to joining Fastenal, Mr. Florness served in a variety of positions, including Senior Manager, with KPMG LLP from 1986 to 1996. Mr. Florness earned an undergraduate degree in accounting from the University of Wisconsin – River Falls. Mr. Florness has announced his intention to step out of his role as Fastenal’s CEO and resign from its Board effective July 16, 2026. Announcement • Feb 17
Waste Connections, Inc., Annual General Meeting, May 15, 2026 Waste Connections, Inc., Annual General Meeting, May 15, 2026. Location: the woodlands, texas United States Declared Dividend • Feb 13
Fourth quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 25th February 2026 Payment date: 12th March 2026 Dividend yield will be 0.8%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 12
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$4.18 (up from US$2.39 in FY 2024). Revenue: US$9.47b (up 6.1% from FY 2024). Net income: US$1.08b (up 74% from FY 2024). Profit margin: 11% (up from 6.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.4% to CA$215. The fair value is estimated to be CA$275, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has declined by 3.5%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 10.0% per annum over the same time period. Announcement • Jan 15
Waste Connections, Inc. to Report Q4, 2025 Results on Feb 11, 2026 Waste Connections, Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Feb 11, 2026 Recent Insider Transactions • Oct 31
Independent Director recently sold CA$2.2m worth of stock On the 28th of October, Edward Guillet sold around 9k shares on-market at roughly CA$243 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$15m more than they bought in the last 12 months. New Risk • Oct 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 99% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Minor Risks High level of debt (105% net debt to equity). Profit margins are more than 30% lower than last year (6.7% net profit margin). Significant insider selling over the past 3 months (CA$2.0m sold). Declared Dividend • Oct 23
Third quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 5th November 2025 Payment date: 20th November 2025 Dividend yield will be 0.7%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 52%. Cash payout ratio: 26%. New Risk • Oct 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (105% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.7% net profit margin). Significant insider selling over the past 3 months (CA$2.0m sold). Reported Earnings • Oct 22
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: US$1.11 (down from US$1.19 in 3Q 2024). Revenue: US$2.46b (up 5.1% from 3Q 2024). Net income: US$286.3m (down 7.1% from 3Q 2024). Profit margin: 12% (down from 13% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.5% decline forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Oct 22
Waste Connections, Inc. Announces Increase in Quarterly Dividend, Payable on November 20, 2025 Waste Connections, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend on the Company's common shares and approved an 11.1% increase in the dividend. The regular quarterly cash dividend, which increases to $0.35 per common share of the Company from $0.315 per common share of the Company, will be paid on November 20, 2025 to shareholders of record on the close of business on November 5, 2025. Announcement • Sep 25
Waste Connections, Inc. to Report Q3, 2025 Results on Oct 21, 2025 Waste Connections, Inc. announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Oct 21, 2025 Buy Or Sell Opportunity • Aug 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to CA$253. The fair value is estimated to be CA$319, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 4.9%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. New Risk • Aug 15
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$2.2m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (99% net debt to equity). Profit margins are more than 30% lower than last year (7.0% net profit margin). Significant insider selling over the past 3 months (CA$2.2m sold). Recent Insider Transactions • Aug 15
Executive VP recently sold CA$1.3m worth of stock On the 12th of August, Patrick Shea sold around 5k shares on-market at roughly CA$259 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$15m more than they bought in the last 12 months. Announcement • Jul 31
Waste Connections, Inc. Announces Retirement of Darrell W. Chambliss from Executive Vice President and Chief Operating Officer on July 24, 2025 On July 24, 2025, Waste Connections, Inc. announced the retirement of Darrell W. Chambliss from the position of Executive Vice President and Chief Operating Officer of the Company, a position he has held since 2003. In connection with the transition of his responsibilities, Mr. Chambliss will assume a new role as Senior Advisor. The Company anticipates appointing Mr. Chambliss’ successor in due course. Declared Dividend • Jul 25
Second quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 6th August 2025 Payment date: 21st August 2025 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 49%. Cash payout ratio: 28%. New Risk • Jul 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.0% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (99% net debt to equity). Profit margins are more than 30% lower than last year (7.0% net profit margin). Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: US$1.12 (up from US$1.07 in 2Q 2024). Revenue: US$2.41b (up 7.1% from 2Q 2024). Net income: US$290.3m (up 5.4% from 2Q 2024). Profit margin: 12% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to CA$242. The fair value is estimated to be CA$303, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Jul 01
Waste Connections, Inc. to Report Q2, 2025 Results on Jul 23, 2025 Waste Connections, Inc. announced that they will report Q2, 2025 results After-Market on Jul 23, 2025 Declared Dividend • Apr 25
First quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 7th May 2025 Payment date: 22nd May 2025 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 49%. Cash payout ratio: 28%. Reported Earnings • Apr 24
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: US$0.94 (up from US$0.89 in 1Q 2024). Revenue: US$2.23b (up 7.5% from 1Q 2024). Net income: US$241.5m (up 5.0% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Apr 24
Waste Connections, Inc. Announces Regular Quarterly Cash Dividend, Payable on May 22, 2025 Waste Connections, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of USD 0.315 per common share of the Company. The regular quarterly cash dividend will be paid on May 22, 2025 to shareholders of record at the close of business on May 7, 2025. The Board intends to review the quarterly dividend each October, with a long-term objective of increasing the amount of the dividend. Announcement • Mar 28
Waste Connections, Inc. to Report Q1, 2025 Results on Apr 23, 2025 Waste Connections, Inc. announced that they will report Q1, 2025 results After-Market on Apr 23, 2025 Recent Insider Transactions • Mar 10
Senior Vice President of Operations recently sold CA$2.8m worth of stock On the 3rd of March, Domenico Pio sold around 10k shares on-market at roughly CA$277 per share. This transaction amounted to 61% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$16m more than they bought in the last 12 months. Recent Insider Transactions • Mar 03
Insider recently sold CA$1.3m worth of stock On the 24th of February, Philip Rivard sold around 5k shares on-market at roughly CA$269 per share. This transaction amounted to 99% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$13m more than they bought in the last 12 months. Recent Insider Transactions • Mar 03
Insider recently sold CA$1.3m worth of stock On the 24th of February, Philip Rivard sold around 5k shares on-market at roughly CA$269 per share. This transaction amounted to 99% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$13m more than they bought in the last 12 months. Recent Insider Transactions • Feb 27
Insider recently sold CA$1.3m worth of stock On the 24th of February, Philip Rivard sold around 5k shares on-market at roughly CA$269 per share. This transaction amounted to 99% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$13m more than they bought in the last 12 months. Announcement • Feb 24
Waste Connections, Inc., Annual General Meeting, May 16, 2025 Waste Connections, Inc., Annual General Meeting, May 16, 2025. Location: texas, thewoodlands United States Declared Dividend • Feb 16
Fourth quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 27th February 2025 Payment date: 13th March 2025 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 49%. Cash payout ratio: 28%. New Risk • Feb 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (102% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Feb 13
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$2.39 (down from US$2.96 in FY 2023). Revenue: US$8.92b (up 11% from FY 2023). Net income: US$617.6m (down 19% from FY 2023). Profit margin: 6.9% (down from 9.5% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 11
Waste Connections, Inc. to Report Q4, 2024 Results on Feb 12, 2025 Waste Connections, Inc. announced that they will report Q4, 2024 results After-Market on Feb 12, 2025 Declared Dividend • Oct 27
Third quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 7th November 2024 Payment date: 21st November 2024 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 31%. Cash payout ratio: 26%. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$1.19 (up from US$0.89 in 3Q 2023). Revenue: US$2.34b (up 13% from 3Q 2023). Net income: US$308.0m (up 35% from 3Q 2023). Profit margin: 13% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 15% per year. Announcement • Sep 24
Waste Connections, Inc. to Report Q3, 2024 Results on Oct 23, 2024 Waste Connections, Inc. announced that they will report Q3, 2024 results After-Market on Oct 23, 2024 Recent Insider Transactions • Sep 06
Independent Director recently sold CA$2.0m worth of stock On the 3rd of September, Edward Guillet sold around 8k shares on-market at roughly CA$250 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$4.0m. Insiders have been net sellers, collectively disposing of CA$17m more than they bought in the last 12 months. Recent Insider Transactions • Aug 04
Executive VP & CFO recently sold CA$4.0m worth of stock On the 31st of July, Mary Whitney sold around 16k shares on-market at roughly CA$246 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mary's only on-market trade for the last 12 months. Declared Dividend • Jul 26
Second quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 7th August 2024 Payment date: 22nd August 2024 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 33%. Cash payout ratio: 23%. Reported Earnings • Jul 25
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$1.07 (up from US$0.81 in 2Q 2023). Revenue: US$2.25b (up 11% from 2Q 2023). Net income: US$275.5m (up 32% from 2Q 2023). Profit margin: 12% (up from 10% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 16% per year. Announcement • Jun 25
Waste Connections, Inc. to Report Q2, 2024 Results on Jul 24, 2024 Waste Connections, Inc. announced that they will report Q2, 2024 results After-Market on Jul 24, 2024 Announcement • May 03
Waste Connections, Inc. (NYSE:WCN) acquired Pioneer Recycling Services, LLC from Delos Capital Management, LP and The Silverfern Group, Inc. Waste Connections, Inc. (NYSE:WCN) acquired Pioneer Recycling Services, LLC from Delos Capital Management, LP and The Silverfern Group, Inc. on May 2, 2024. Stifel served as exclusive financial advisor and Cole Schotz served as legal advisor to Pioneer.Waste Connections, Inc. (NYSE:WCN) completed the acquisition of Pioneer Recycling Services, LLC from Delos Capital Management, LP and The Silverfern Group, Inc. on May 2, 2024. Declared Dividend • Apr 28
First quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 7th May 2024 Payment date: 23rd May 2024 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 35%. Cash payout ratio: 24%. Reported Earnings • Apr 25
First quarter 2024 earnings: Revenues and EPS in line with analyst expectations First quarter 2024 results: EPS: US$0.89 (up from US$0.77 in 1Q 2023). Revenue: US$2.07b (up 9.1% from 1Q 2023). Net income: US$230.1m (up 16% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Announcement • Apr 25
Waste Connections, Inc. Announces Regular Quarterly Cash Dividend, Payable on May 23, 2024 Waste Connections, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.285 per common share of the Company. The regular quarterly cash dividend will be paid on May 23, 2024 to shareholders of record at the close of business on May 8, 2024. Announcement • Mar 28
Waste Connections, Inc. to Report Q1, 2024 Results on Apr 24, 2024 Waste Connections, Inc. announced that they will report Q1, 2024 results After-Market on Apr 24, 2024 Recent Insider Transactions • Mar 12
Insider recently sold CA$1.4m worth of stock On the 7th of March, James Little sold around 6k shares on-market at roughly CA$227 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$2.0m. Insiders have been net sellers, collectively disposing of CA$10m more than they bought in the last 12 months. Announcement • Feb 27
Waste Connections, Inc., Annual General Meeting, May 17, 2024 Waste Connections, Inc., Annual General Meeting, May 17, 2024. Location: TheWoodlands, TX The Woodlands Texas United States Recent Insider Transactions • Feb 25
Executive VP recently sold CA$2.0m worth of stock On the 20th of February, Patrick Shea sold around 9k shares on-market at roughly CA$227 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$8.8m more than they bought in the last 12 months. Announcement • Feb 21
Waste Connections, Inc. Appoints Carl D. Sparks to Board of Directors, Effective March 1, 2024 Waste Connections, Inc. announced that Carl D. Sparks has been appointed to its Board of Directors, effective March 1, 2024. Mr. Sparks, 56, has served as the managing partner of Interlock Partners, a venture capital firm focused on early-stage transformative investments, since 2020. Mr. Sparks has also served on the board of directors of Copart Inc. since 2021, and the board of directors of Cint Group AB since 2022. From 2016 to 2017, Mr. Sparks was the chief executive officer of Academic Partnerships, a firm that helped public universities offer their programs online. From 2011 to 2014, Mr. Sparks served as the chief executive officer of Travelocity Global. Earlier in his career, Mr. Sparks served in senior executive roles at the Gilt Groupe, including President, and before that he was the chief marketing officer of Expedia.com, a division of Expedia, Inc., among other senior executive roles he held there between 2004 and 2009. Mr. Sparks started his career in strategy consulting with Boston Consulting Group. Mr. Sparks previously served on the boards of directors of Dunkin' Brands Group, Inc., Avis Budget Group, where he also served as chairman of the audit committee, and Vonage. Mr. Sparks holds a bachelor's degree from Princeton University and an MBA from Harvard Business School. Upcoming Dividend • Feb 20
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 27 February 2024. Payment date: 13 March 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Canadian dividend payers (6.4%). In line with average of industry peers (0.8%). Declared Dividend • Feb 16
Fourth quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 27th February 2024 Payment date: 13th March 2024 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 35%. Cash payout ratio: 25%. Reported Earnings • Feb 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.96 (down from US$3.25 in FY 2022). Revenue: US$8.02b (up 11% from FY 2022). Net income: US$762.8m (down 8.7% from FY 2022). Profit margin: 9.5% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Jan 09
Waste Connections, Inc. to Report Q4, 2023 Results on Feb 13, 2024 Waste Connections, Inc. announced that they will report Q4, 2023 results After-Market on Feb 13, 2024 Upcoming Dividend • Oct 31
Upcoming dividend of US$0.28 per share at 0.8% yield Eligible shareholders must have bought the stock before 07 November 2023. Payment date: 28 November 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Canadian dividend payers (6.8%). Higher than average of industry peers (0.4%). New Risk • Oct 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.7% operating cash flow to total debt). Minor Risk Significant insider selling over the past 3 months (CA$1.4m sold). Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$0.89 (down from US$0.92 in 3Q 2022). Revenue: US$2.06b (up 9.8% from 3Q 2022). Net income: US$229.0m (down 3.3% from 3Q 2022). Profit margin: 11% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Oct 26
Waste Connections, Inc. Increases Regular Quarterly Cash Dividend, Payable on November 28, 2023 Waste Connections, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend on the Company's common shares and approved an 11.8% increase in the dividend. The regular quarterly cash dividend, which increases to $0.285 U.S. per common share of the Company from $0.255 U.S. per common share of the Company, will be paid on November 28, 2023 to shareholders of record on the close of business on November 8, 2023. Announcement • Sep 26
Waste Connections, Inc. to Report Q3, 2023 Results on Oct 25, 2023 Waste Connections, Inc. announced that they will report Q3, 2023 results After-Market on Oct 25, 2023 Upcoming Dividend • Aug 08
Upcoming dividend of US$0.26 per share at 0.7% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (0.5%). Reported Earnings • Aug 03
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: US$0.81 (down from US$0.87 in 2Q 2022). Revenue: US$2.02b (up 11% from 2Q 2022). Net income: US$209.2m (down 6.6% from 2Q 2022). Profit margin: 10% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.8%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jun 30
Waste Connections, Inc. to Report Q2, 2023 Results on Aug 02, 2023 Waste Connections, Inc. announced that they will report Q2, 2023 results After-Market on Aug 02, 2023 Upcoming Dividend • May 03
Upcoming dividend of US$0.26 per share at 0.7% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (0.4%). Reported Earnings • Apr 29
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: US$0.77 (up from US$0.70 in 1Q 2022). Revenue: US$1.90b (up 15% from 1Q 2022). Net income: US$197.8m (up 9.7% from 1Q 2022). Profit margin: 10% (in line with 1Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 10
Independent Director recently sold CA$554k worth of stock On the 6th of March, William Razzouk sold around 3k shares on-market at roughly CA$185 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$5.5m more than they bought in the last 12 months. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.26 per share at 0.7% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (0.4%). Announcement • Feb 18
Waste Connections, Inc., Annual General Meeting, May 19, 2023 Waste Connections, Inc., Annual General Meeting, May 19, 2023. Announcement • Feb 17
Waste Connections, Inc. Provides Earnings Guidance for 2023 Waste Connections, Inc. provided earnings guidance for 2023. For the period, the company's Revenue is estimated at approximately $8.050 billion; Net income is estimated at approximately $961 million. Reported Earnings • Feb 17
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: US$3.25 (up from US$2.37 in FY 2021). Revenue: US$7.21b (up 17% from FY 2021). Net income: US$835.7m (up 35% from FY 2021). Profit margin: 12% (up from 10.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Commercial Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
Waste Connections Announces Regular Quarterly Cash Dividend, Payable on March 15, 2023 Waste Connections, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of USD 0.255 per common share of the Company. The regular quarterly cash dividend will be paid on March 15, 2023 to shareholders of record at the close of business on March 1, 2023. The Board intends to review the quarterly dividend each October, with a long-term objective of increasing the amount of the dividend. Shareholders of Waste Connections whose common shares are held by a bank or broker that participates in U.S. depositary DTC will receive payment of their dividends in U.S. dollars. Shareholders of Waste Connections whose common shares are held by a bank or broker that participates in Canadian depositary CDS will receive payment of their dividends in Canadian dollars, calculated based on the Bank of Canada's daily average exchange rate on March 1, 2023. Shareholders of Waste Connections who hold their shares in direct registration with Computershare, the Company's transfer agent, will receive payment of their dividends in Canadian dollars if they are residents of Canada, as reflected in Waste Connections' shareholders register, and will receive their dividend payments in U.S. dollars if they are not residents of Canada, including if they are residents of the U.S. Announcement • Jan 06
Waste Connections, Inc. to Report Q4, 2022 Results on Feb 15, 2023 Waste Connections, Inc. announced that they will report Q4, 2022 results After-Market on Feb 15, 2023 Announcement • Dec 04
Waste Connections, Inc. Appoints Matthew S. Black as the Senior Vice President – Chief Accounting Officer, Effective February 20, 2023 On December 1, 2022, Waste Connections, Inc. named Matthew S. Black as the Company’s Senior Vice President – Chief Accounting Officer, effective February 20, 2023. Mr. Black will assume the role from David G. Eddie, who will transition on that same date to a new role of Senior Vice President – Performance Optimization. Mr. Black, who currently serves as Senior Vice President – Chief Tax Officer, has been with the Company since 2006. Announcement • Nov 22
Waste Connections, Inc. Appoints Andrea E. Bertone to its Board of Directors Waste Connections, Inc. announced that Andrea E. Bertone has been appointed to its Board of Directors. Ms. Bertone, 61, served as President of Duke Energy International, LLC ("Duke Energy"), then wholly owned by Duke Energy Corporation, a utility company, from 2009 until her retirement in 2016. Prior to serving as President, Ms. Bertone served as Associate General Counsel of Duke Energy from 2003-2009 and Assistant General Counsel, Duke Energy Trading & Marketing and Duke Energy Merchants from 2001 to 2002. Ms. Bertone also served as a director of Duke Energy International Geração Paranapanema S.A. from 2008 until 2016. From 1983 to 2000, Ms. Bertone served in various legal roles in both South America and the United States. Ms. Bertone also currently serves on the boards of directors of Amcor plc, Peabody Energy Corporation and DMC Global Inc. Ms. Bertone earned a Bachelor of Law degree from the University of Sao Paulo Law School in Brazil and an LL.M. degree in International and Comparative Law from Chicago-Kent College of Law at the Illinois Institute of Technology. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Director Elise Jordan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
