SEATTLE (Scrap Monster): GFL Environmental posted Q4 2023 revenue of $1.88 billion, higher by 3.4% when compared with Q4 2023. The full year 2023 revenue surged higher by 11.2% from 2022 to total $7.52 billion. The company reported Q4 net loss of $62.1 million. Meantime, the net income from continuing operations was $32.2 million for the full year 2023.

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GFL closed the year at record pricing level for solid waste. The solid waste segment’s profit margin witnessed significant expansion during the previous year, part of which is attributed to the company’s pricing strategy. The full year solid waste pricing, at 9.8%, was the highest in the company’s history. However, GFL’s solid waste volumes recorded modest decline by 3.6% during Q4 2023.

During the previous year, the company spent nearly $900 million on a total of 39 acquisitions.

Commenting on its outlook, Patrick Dovigi, CEO, GFL stated that the company’s revenues are expected to hit $8 billion in 2024, compared to just over $7.5 million in 2023. This is mainly on account of anticipated solid waste pricing of at least 6%, favourable commodity pricing, M&A rollover benefits and organic growth in environmental services.

GFL expects adjusted EBITDA and adjusted free cash flow of $2.215 billion and $800 million respectively.