Waste connections reports second quarter 2023 results and raises full year margin outlook
Top-to-bottom beat led by solid execution in q2 sets up increases to full year 2023 outlook revenue of $2.021 billion, above outlook and up 11.3% year over year net income(a) of $209.2 million, and adjusted ebitda(b) of $628.9 million, above outlook adjusted ebitda(b) margin of 31.1% of revenue, 30bps above outlook net income of $0.81 per share, and adjusted net income(b) of $1.02 per share year to date net cash provided by operating activities of $1.017 billion and adjusted free cash flow(b) of $630.0 million, or 16.1% of revenue year to date closed acquisitions with over $160 million of total annualized revenue, including arrowhead environmental holdings, llc ("arrowhead"), the largest integrated waste-to-rail disposal network in the northeast u.s. updates full year 2023 outlook to net income of approximately $931 million, increasing adjusted ebitda(b) to approximately $2.525 billion or 31.5% on revenue of approximately $8.025 billion toronto , aug. 2, 2023 /prnewswire/ -- waste connections, inc. (tsx/nyse: wcn) ("waste connections" or the "company") today announced its results for the second quarter of 2023 and updated its outlook for the full year. "we are extremely pleased by the strength of operational execution during the quarter for a solid beat on revenue and adjusted ebitda(b) to deliver margins 30 basis points above our outlook.
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