GFL Environmental Sees FY24 Revenue CAD$7.9B-CAD$7.925B Vs CAD$8.05B Est.; Raises FY24 Adj. EBITDA Guidance To CAD$2.24B-CAD$2.25B, Adj. EBITDA Margin To $28.4%

Author: Benzinga Newsdesk | July 31, 2024 04:39pm

Updated Full Year 2024 Guidance

GFL also provided its updated guidance for 2024 assuming a CAD/US exchange rate of 1.38 for the remainder of the year (compared to 1.35 provided in our original guidance on February 20, 2024).

• Revenue is estimated to be between $7,900.0 million and $7,925.0 million, up compared to original guidance considering the impact of the recent divestiture.
• Adjusted EBITDA2 is estimated to be between $2,240.0 million and $2,250.0 million, up approximately $30 million at the midpoint compared to original guidance.
  • Full year Adjusted EBITDA margin2 is expected to be approximately 28.4%, an increase of 70 basis points compared to original guidance and up 170 basis points compared to the prior year.
• Adjusted Free Cash Flow2 is estimated to be approximately $810.0 million, up compared to original guidance.
• Reaffirming Net Levearge2 at year-end is estimated to be between 3.65x and 3.85x.  

The 2024 guidance excludes any impact from acquisitions not yet completed. Implicit in forward-looking information in respect of our expectations for 2024 are certain current assumptions, including, among others, no changes to the current economic environment, including fuel and commodities. The updated 2024 guidance assumes GFL will continue to execute on our strategy of organically growing our business, leveraging our scalable network to attract and retain customers across multiple service lines, realizing operational efficiencies and extracting procurement and cost synergies. See "Forward-Looking Information".

Posted In: GFL