GFL Environmental reports Q3 EPS 23c, consensus 25c

Reports Q3 revenue $2.01B, consensus $1.48B. “Once again, the dedication of our over 20,000 employees delivered consistent high-quality results across all our financial metrics,” said CEO Patrick Dovigi. “Our continued focus on strong execution generated industry leading Adjusted EBITDA margin1 expansion of 300 basis points over the prior year quarter, the highest in GFL‘s history. Consistent with our capital allocation plan for the year, we deployed $96.4M in incremental growth initiatives during the quarter, primarily related to extended producer responsibility and RNG opportunities, and $47.4M in tuck-in acquisitions. Inclusive of the impact of these investments and acquisitions, we achieved Net Leverage1 of 4.05x, the lowest in our company’s history. We are also tracking in line to achieve our 2024 capital allocation targets, including the deployment of approximately $900M into M&A and incremental growth investments. Given our strong results year to date, we are confident in our ability to deliver on our 2024 key guidance metrics and are well positioned for another year of outsized margin expansion and growth in 2025.”