Waste Connections' 2Q profit edges up 3.6 percent

FOLSOM, Calif. - Waste Connections Inc., the largest U.S. garbage hauler and landfill operator, said Tuesday its second-quarter profit rose 3.6 percent, as higher prices helped offset soaring fuel costs. For the three months ended June 30, net income increased to $26.2 million, or 39 cents per share, from $25.3 million, or 36 cents per share, in the prior-year period. Quarterly revenue climbed nearly 11 percent to $267 million from $241.1 million last year, the company said. Analysts surveyed by Thomson Financial, on average, forecast 39 cents per share on revenue of $267.4 million. The company said average fuel costs rose about 55 percent year over year, increasing its total fuel expense by $8 million. For the first six months of the year, Waste Connections' earnings increased 3.8 percent to $49.4 million, or 73 cents per... [read full story]