GFL Environmental reports Q1 cont-op EPS (58c), consensus 4c

Reports Q1 revenue $1.56B, consensus $1.52B. “I am extremely proud of the hard work and commitment of our over 15,000 employees, as we delivered another strong start to the year,” said CEO Patrick Dovigi. “Our exceptional execution drove industry leading top line growth of 12.5% and 120 basis points of Adjusted EBITDA margin expansion over the prior year period. Our strong performance, achieved amid increased macroeconomic volatility and unusually challenging weather conditions, underscores the resiliency of our business model. During the quarter, we used the proceeds from the sale of our Environmental Services business to materially de-lever our balance sheet to Net Leverage1 of 3.1x, the lowest in the Company’s history. This not only accelerates our path to an investment grade credit rating, but also allows us to re-ignite our solid waste M&A engine. In addition, we repurchased 31,725,083 subordinate voting shares through a combination of our normal course issuer bid, participation in the recent secondary offering and directly from BC Partners. We intend to continue to be opportunistic on further share repurchases going forward. The strength of our first quarter results reinforces our confidence in achieving our full year guidance, and we look forward to updating investors on our outlook when we report our Q2 results.”