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Waste Connections, Inc. (
Q4 2011 Earnings Call
February 8, 2012 08:30 am ET
Ron Mittelstaedt – Chairman and Chief Executive Officer
Steve Bouck – President
Darrell Chambliss – Chief Operating Officer
Worthing Jackman – Chief Financial Officer
Hamzah Mazari – Credit Suisse
Scott Levine – J. P. Morgan
Bill Fisher – Raymond James
Al Kaschalk – Wedbush
Michael Hoffman – Wunderlich
Tony Bancroft – Gabelli
Good morning. (Operator instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today’s call, Mr. Ron Mittelstaedt, Chairman and CEO. Please proceed.
Thank you, operator, and good morning. I’d like to welcome everyone to this conference call to discuss our fourth quarter 2011 results and provide a detailed outlook for the first quarter and full year 2012. I’m joined this morning in our new corporate office in The Woodlands, Texas by Steve Bouck, our President, Worthing Jackman, our CFO, and several other members of our senior management team.
We are extremely pleased with the results in the fourth quarter as stronger than expected pricing and special waste volumes, together with continuing tight cost controls, enable us to offset most of the revenue, margins and EPS impact from higher than expected declines in recycled commodity values.
We are also extremely pleased with our full year results in 2011. On a 14% increase in revenue, adjusted operating income before depreciation and amortization grew 15%. Adjusted EPS increased almost 20% and free cash flow per share increased more than 20%. Free cash flow as a percentage of revenue was almost 17% for the year. This strengthened free cash flow enabled us to deploy almost $500 million in acquisitions, share repurchases and dividends during 2011 while maintaining low two times leverage and plenty of capacity for additional growth opportunities.