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The firm reported Monday that net income for the third quarter of 2009 rose to $34.2 million, or 43 cents a share, up nearly 24 percent from $27.6 million, or 40 cents a share, in the third quarter of 2008.
Quarterly revenue was $316 million, a nearly 16 percent increase over $272.7 million in the July-September period of 2008.
"We are extremely pleased with our results in the quarter, as we exceeded the upper end of our expectations in a relatively stable but still challenging environment," said Ron Mittelstaedt, Waste Connections' chairman and CEO.
In the nine-month period ended Sept. 30, revenue was $881.5 million, up from $790 million in 2008. Net income was $86.6 million, compared with $75.6 million last year.
Mittelstaedt said the third quarter numbers included the effect of its $313.2 million purchase in April of Republic Services, a Phoenix-based waste firm. That continued Waste Connections' long-term strategy of acquiring small, privately held waste firms.
The company has avoided costly deals with public waste companies, preferring instead to expand into secondary markets that have strong demographic growth trends. It has purposely avoided large urban markets where it would face stiff competition. In most of its markets, Waste Connections has exclusive rights to provide its services.
The Folsom company also said it achieved improved performance this year through some job cuts and through wage and expense controls.
Also on Monday, the company said its board had authorized a $300 million increase to its ongoing common stock repurchase program, increasing the total the company may repurchase from $500 million to $800 million. The program runs through Dec. 31, 2012.
The company also said it has completed a $175 million sale of 10-year senior unsecured notes at an annual fixed interest rate of 5.25 percent. The company said note-sale proceeds will be used to reduce borrowing and for general corporate purposes.
Waste Connections, founded in 1997, has 2 million residential, commercial and industrial clients in 26 states, mostly in the West and South.
The company's stock, traded on the New York Stock Exchange, closed up 42 cents Monday at $31.28.
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Call The Bee's Mark Glover, (916) 321-1184.
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