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Waste Connections' (WCN) CEO Ronald Mittelstaedt on Q1 2018 Results - Earnings Call Transcript

May 04, 2018 12:39 AM ETWaste Connections, Inc. (WCN), WCN:CA
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Waste Connections, Inc. (NYSE:WCN) Q1 2018 Earnings Conference Call May 3, 2018 8:30 AM ET


Ronald Mittelstaedt - Chairman & Chief Executive Officer

Worthing Jackman - EVP & Chief Financial Officer


Tyler Brown - Raymond James

Hamzah Mazari - Macquarie Capital

Derek Spronck - RBC Dominion Securities

Brian Maguire - Goldman Sachs

Noah Kaye - Oppenheimer & Co.

Corey Greendale - First Analysis

Michael Hoffman - Stifel Nicolaus


Ladies and gentlemen, thank you for standing by. Welcome to the Waste Connections First Quarter 2018 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded, Thursday, May 3, 2018.

I would now like to turn the conference over to Mr. Ronald Mittelstaedt, Chairman of the Board and CEO. Please go ahead, sir.

Ronald Mittelstaedt

Okay. Thank you, operator, and good morning. I'd like to welcome everyone to this conference call to discuss our first quarter 2018 results and provide our financial outlook for the second quarter. I'm joined this morning by Steve Bouck, our President; Worthing Jackman, our CFO; and several other members of our senior management team.

As noted in our earnings release, better than expected solid waste price growth and E&P waste activity drove strong performance in the period and position us well for the remainder of 2018. Adjusted EBITDA margins in the first quarter increased 80 basis points year-over-year in spite of both the precipitous decline in recycled fiber values and weather-related impacts across the majority of our operational footprint. Given our strong start to the year and recent acquisitions, we believe adjusted free cash flow is tracking to exceed our original outlook of $850 million for 2018.

Regarding acquisition activity, we've signed or completed

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