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Waste Connections CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stockholders, potential investors and other participants are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this conference call and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

On the call, we will discuss non-GAAP measures, such as adjusted operating income before depreciation and amortization, adjusted earnings per share, and free cash flow. Please refer to our earnings release for a reconciliation of such non-GAAP measures to the most comparable GAAP measure.

Management uses certain non-GAAP measures to evaluate and monitor the ongoing financial performance of our operations; other companies may calculate these non-GAAP measures differently.

I'll now turn the call back over to Ron.

Ron Mittelstaedt

Okay, thank you, Worthing. We are extremely pleased with our performance in the third quarter. Revenue was $404 million, up 16.8% over the prior year period. Internal growth in the quarter was a positive 5.2%, broken down as follows; positive 2.6% from core price, positive 0.9% from surcharges, negative 0.2% from volumes, and positive 1.9% from recycling, intermodal and other services.

Net pricing or core price plus surcharges was 3.5% or slightly above our expectations for the quarter due to higher surcharges. We expect net pricing to remain above 3%, again in Q4. For the full year, this would result in net price of almost 3.5%, with core price at around 2.7%.

We expect core pricing growth in 2012 to be at least equal to what we’ve achieved this year. Volume growth in Q3 was negative 0.2%, a notable improvement over our negative 1% outlook for the quarter, due primarily to better than expected special waste volumes and roll-off activities.

Read the rest of this transcript for free on seekingalpha.com

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