Waste Connections' (NYSE:WCN) net income decreased in the second quarter.
Earnings and Revenue The company's EPS fell in line with analyst expectations of 36 cents a share. Revenue of $410.7 million also met expectations.
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The company's net income for the quarter was $42.4 million. According to the reported number, this is down 4.5% from last year's levels. Revenue climbed 5.3% from $390.2 million in the same period last year.
Company Fundamental Trends This marks the second quarter in a row that the company's net income has fallen after profits tumbled 14.3% in the first quarter. The company's revenue has grown during at least each of the past four quarters on a year-over-year basis.
History Against Expectations The company fell in line with estimates last quarter after topping forecasts in the previous quarter. It reported net income of 32 cents versus a mean estimate of net income of 31 cents per share.
Official Comment: "The first half of 2012 played out about as expected with revenue, adjusted operating income before depreciation and amortization, and adjusted free cash flow at or above our expectations. However, the tepid economy and potential near-term decreases in recycled commodity values could provide additional headwinds in the second half of the year," said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer. "We are pleased to announce the acquisition of SKB Environmental, Inc., a leading provider of solid and industrial waste transfer and disposal services primarily in Minnesota's Twin Cities region, with annual revenue of approximately $30 million. We believe SKB provides an attractive platform for additional acquisitions in this new market."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.