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Waste Connections reports second quarter financials

Waste Connections, Inc. announced its results for the second quarter of 2012. Revenue totaled $410.7 million, a 5.3 percent increase over revenue of $390.2 million in the year ago period. Operating income was $81.7 million compared to $84.8 million in the second quarter of 2011.

Operating income in the current year period included approximately $3.4 million ($2.1 million net of taxes) associated with costs incurred in connection with the relocation of corporate headquarters from California to Texas, and acquisition-related transaction costs. Net income attributable to Waste Connections in the quarter was $42.4 million, or $0.34 per share on a diluted basis of 124.0 million shares.

Adjusted net income attributable to Waste Connections in the quarter was $44.4 million, or $0.36 per share. Adjusted net income attributable to Waste Connections in the prior year period was $44.8 million, or $0.39 per share, adjusting primarily for acquisition-related transaction costs.

For the 6 months ended June 30, 2012, revenue was $787.2 million, a 9.1 percent increase over revenue of $721.7 million in the year ago period. Operating income was $146.8 million compared to $153.4 million for the same period in 2011.

Operating income in the current year period included approximately $10.5 million ($7.6 million net of taxes) associated with costs incurred in connection with the relocation of our corporate headquarters from California to Texas, acquisition-related transaction costs, and one-time equity compensation expense related to awards made at the time of the modification of named executive officers’ employment contracts.