Waste Connections Q3 Revenue Up; Margins Hurt by Charge

Waste Connections reported third-quarter revenue of $2.46 billion, up from $2.34 billion a year earlier and driven by solid-waste collection and oil-and-gas waste businesses; adjusted EPS was $1.44, beating estimates, while GAAP net income fell to $286.3 million. Management maintained full-year guidance of roughly $9.45 billion in revenue and about $1.14 billion in net income and said lower employee turnover and record-low safety incidents supported margins this quarter. Trailing net profit margin contracted to 6.7% from 10.8% a year earlier after a one-off $205.5 million charge. The board approved an 11.1% quarterly dividend increase to $0.35 per share, payable Nov. 20 to shareholders of record Nov. 5. Management and analysts pointed to at least 6% core pricing for 2025 and acquisition-driven revenue as paths to restore margins. Shares have risen in recent sessions into roughly C$244–C$250 but remain about 12–14% below their 52-week high.