SEATTLE (Recycling Monster): GFL announced results for the first quarter 2024. The Q1 2024 revenues totalled CAD$1.80 billion, marginally higher by 0.1% over the first quarter a year before. The Q1 net loss narrowed to CAD$176.5 million, compared with CAD$217.8 million net loss in the corresponding quarter of 2023.

The revenues surpassed expectations, mainly driven by stronger than anticipated pricing and volume. The overall revenue performance was powered by its solid waste business, whose contribution totalled CAD$1.43 billion during the quarter. The company expects the solid waste business to contribute at least CAD$1.56 billion in the second quarter.

GFL’s adjusted free cash flow was $49.1 million in the first quarter of 2024 compared with negative $50.1 million in the first quarter of 2023.

The company spent approximately CAD$111 million on acquisitions in the first quarter of the year across four acquisitions. So far this year, GFL has spent about CAD$500 million on acquisitions, said Patrick Dovigi, CEO, GFL.

In a recent contract, GFL was selected by Toronto as the city’s preferred recycling vendor for the next ten years. The deal, if finalized, would be worth around CAD$50 million per annum. The multiple EPR contracts across various provinces in Canada is expected to contribute at least CAD$80-100 million in incremental adjusted EBITDA.