A power plant at the Chiquita Canyon Landfill turns methane gas into electricity for the cities of Burbank and Pasadena.
Waste Connections Inc., owner of the Chiquita Canyon Landfill in Val Verde, with operations in 31 states, posted second-quarter net profits Tuesday of $44.0 million (35 cents a share), up from the year-ago quarter’s $42.4 million (34 cents), as landfill volumes increased across the board.
“Favorable solid waste trends experienced earlier this year accelerated during the second quarter, resulting in revenue, (pre-tax earnings) and adjusted free cash flow all exceeding our expectations,” CEO Ronald J. Mittelstaedt said in a statement.
“Our solid waste business continues to benefit from an improving economy, with municipal solid waste volumes at our landfills showing the strongest year-over-year increases in several years, up approximately 14 percent in the second quarter,” he said.
Not counting last year’s costs of moving the corporate headquarters to Texas from California, and other non-operational costs, comparable net revenues would have been $57.8 million this quarter, versus $48.2 million a year ago.
Total revenues improved by 19.1 percent to $489.4 million in the second quarter versus $410.7 million a year ago, while operating income improved to $93.1 million from $81.7 million.
Chiquita Landfill Owner Posts Higher Profits, Tonnage
