GFL raises full-year guidance after strong Q1 and eight acquisitions
The company saw revenue growth of 8.5% and 180 basis points of margin expansion
GFL Environmental posted first-quarter revenue of $1.64 billion, up 5.4%, with core pricing contributing 7.0% of that growth. Adjusted EBITDA rose 12.3% to $478.5 million, with margins expanding 180 basis points to 29.1%.
The company completed eight acquisitions since the start of the year, generating between $425 million and $450 million in annualized revenue. On the strength of those deals alone, GFL raised its full-year revenue guidance to approximately $7.33 billion, up roughly $330 million from its original outlook, with adjusted EBITDA guidance rising to $2.23 billion.
Not yet reflected in that updated guidance is the pending acquisition of SECURE Waste, a Western Canada-focused waste management provider with a network of permitted processing and disposal assets that GFL expects to close in the latter half of the year. The company says the deal would meaningfully accelerate its multi-year financial targets outlined at its 2025 Investor Day.
The company reported a net loss from continuing operations of $219.2 million, slightly worse than the $213.9 million loss in the same period last year. Adjusted free cash flow was also negative at $(24.3) million, compared to a positive $13.7 million a year ago. No shares were repurchased during the quarter.
