- Adjusted EBITDA of $53 million up 61% and 41% per share compared to Q2 2018 despite lower industry activity levels, reflecting stable production-based business, Newalta acquisition and continued focus on cost efficiencies and synergies
- Achieved targeted annualized synergies of $45 million ahead of schedule . With our synergy target achieved, Tervita continues to see further opportunities from the strength of the combined business
- Generated $42 million of Discretionary Free Cash Flow year to date in 2019, up 27% compared to the same period in 2018
- Sanctioned water disposal infrastructure project backed by a multi-year contract with a senior producer in the Montney to be fully commissioned in Q1 2020
- Successfully launched a normal course issuer bid with 518,386 shares repurchased as at June 30, 2019
- Competition Bureau review period for the Newalta transaction ended on July 19, 2019, clearing the transaction of any further review
- Remain on track to deliver double-digit Adjusted EBITDA growth in 2019 and 2020
Calgary, AB, August 1, 2019 - Tervita Corporation (“Tervita” or the “Company”) (TSX: TEV) announced today the results for the three and six months ended June 30, 2019. All financial figures are in millions of Canadian dollars unless otherwise noted.
“Our performance to date in 2019 demonstrates the stability and resiliency of our production-based energy business, the strength of our expanded network, and a continued focus on cost efficiencies,” said John Cooper, President and CEO. “Our results in Q2 2019 were positively impacted by realized cost synergies from the Newalta transaction, which have progressed ahead of our expectations. With these synergies achieved, we are turning our attention to additional opportunities to leverage our expanded infrastructure, strengthen operating efficiencies and enhance our customer offerings.
“We remain on track to deliver double-digit growth in 2019, supported by expected normal seasonal improvements in our business, and a full-year contribution from synergies which will drive higher results in the second half of 2019. We are excited about the growth initiatives underway that are focused on providing solutions in the Montney and Duvernay regions. In addition, we continue to see customer demand that supports a further $200 - $300 million pipeline of organic growth capital projects that we expect will provide attractive returns and generate strong free cash flow." Full news release.
Tervita is a leading waste management and environmental solutions provider offering waste processing, treating, recycling, and disposal services to customers in the oil and gas, mining, and industrial sectors. We serve our customers onsite and through a network of facilities in Canada and the United States.
For 40 years, Tervita has been focused on delivering safe and efficient solutions through all phases of a project while minimizing impact, maximizing returns™. Our dedicated and experienced employees are trusted sustainability partners to our clients. Safety is our top priority: it influences our actions and shapes our culture. Tervita trades on the TSX as TEV. For more information, visit tervita.com.
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