In the latest financial reports for the second quarter of 2024, leading waste management companies including Republic Services, Waste Management (WM), Waste Connections, and GFL Environmental reported strong results, showing growth in the industry. Republic Services demonstrated solid revenue growth and operational efficiency, while WM reported a significant year-over-year increase in adjusted earnings per share. Waste Connections exceeded revenue expectations and grew through multiple strategic acquisitions, and GFL Environmental showed cash flow improvements and raised its full-year guidance for the second consecutive quarter despite a net loss. Read on for the top waste companies' financial results and market outlooks.

Waste Connections

Overview

Waste Connections had a strong second quarter, exceeding revenue expectations and growing through a number of strategic acquisitions that led the company to raise its outlook for the rest of the year. Waste Connections also improved employee retention and continues to focus on sustainability efforts.

Q2 highlights

Revenue: $2.248 billion (up 11.2% year-over-year)
Net Income: $275.5 million
Earnings per share: $1.07

Year-to-date performance

Revenue: $4.321 billion
Net income: $505.5 million
Adjusted free cash flow: $727.4 million (16.8% of revenue)
Acquisition revenue: Over $650 million in total annualized revenue

2024 outlook

Estimated revenue: $8.850 billion
Estimated net income: $1.087 billion
Estimated adjusted EBITDA: $2.900 billion (32.8% margin)
Capital expenditures: $1.150 billion
Net cash provided by operating activities: $2.337 billion
Adjusted free cash flow: $1.200 billion

GFL

Overview

GFL Environmental's revenue and adjusted EBITDA exceeded expectations in the second quarter of 2024. Despite reporting a net loss, the company showed cash flow improvements and raised its full-year guidance for the second consecutive quarter. GFL continues to focus on operational efficiency and strategic growth moving forward.

Q2 highlights

Revenue: $2,060.0 million (ahead of guidance)
Adjusted EBITDA: $591.1 million, a 13.9% increase excluding divestitures (9.3% increase including divestitures)
Cash flows from operating activities: $364.6 million

Year-to-date performance

Revenue: $3,861.4 million, an 8.9% increase excluding divestitures (3.2% increase including divestitures)
Net loss: $648.8 million
Solid waste revenue: $3,013.4 million (7.1% from core pricing)
Environmental services revenue: $848.0 million
Adjusted EBITDA: $1,046.8 million, a 12.2% increase excluding divestitures (6.7% increase including divestitures)

2024 outlook

Estimated revenue: $7,900.0 million to $7,925.0 million
Estimated adjusted EBITDA: $2,240.0 million to $2,250.0 million
Adjusted free cash flow: $810.0 million

Republic Services

Overview

Republic Services reported strong financial results for Q2 2024, with significant growth in net income, EPS, and adjusted EBITDA driven by both organic growth and investments in acquisitions. The company has also raised its full-year financial guidance and reported high returns to shareholders.

Q2 highlights

Net income: $511.5 million
Total revenue growth: 8.6% (5.6% organic growth, 3.0% growth from acquisitions)
Earnings per share growth: 20.0%
Adjusted EBITDA: $1,257.8 million

2024 outlook

Estimated revenue: $16.075 billion to $16.125 billion
Estimated adjusted EBITDA: $4.900 billion to $4.925 billion
Adjusted free cash flow: $2.150 billion to $2.170 billion
YTD cash invested in acquisitions: $67.6 million

WM

Overview

Waste Management's second quarter of 2024 showed notable increases in revenue and adjusted operating EBITDA. Ongoing strategic expansion through acquisitions and sustainability investments, along with strong free cash flow growth, positions WM well for the remainder of the year.

Q2 highlights

Total revenue growth: $5.4 billion (5.5% increase)
Adjusted operating EBITDA: $1.6 billion (10.3% increase from 2023)
Adjusted earnings per share: $1.80 (up 20.5% year-over-year)
Free cash flow: $530 million

2024 outlook

Estimated adjusted EBITDA: Between $6.375 billion and $6.525 billion
Free cash flow: Between $2 billion and $2.15 billion

Address	1001 Fannin Street, Houston, TX, 77002, US
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