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NEW YORK - A Citi Investment Research analyst said Waste Connections Inc. was able to post a higher first-quarter profit as stronger pricing offset the elevated fuel costs that have weighed on many companies.
Waste Connection on Monday posted a 3.3 percent rise in quarterly profit, fueled by robust pricing and a 14 percent rise in sales.
Analyst Leone T. Young, who rates the stock at "Buy," said management planned to implement most pricing increases in the first quarter.
"Bottom line, we believe it was a very solid quarter operationally, particularly given the fuel and weather headwinds, with most of the upside stemming from the gross margin line," Young wrote in a client note.
Higher fuel costs have hurt a number of companies, including airlines and transport companies, such as FedEx Corp.
Meanwhile, Young said Waste Connections has been able to withstand weakness in the U.S. economy with its geographic exposure and drive growth with consolidation. Waste Connections serves about 1.5 million customers in 23 states.
If the company decides to offer an outlook for the upcoming quarter, it will likely happen during Tuesday morning's conference call, Young added.
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