<div dir="ltr"><img src="cid:ii_laa4eixr0" alt="image.png" width="196" height="75" style="margin-right: 0px;"><br><div><font size="4">Things are a little tougher in the recycling world with the price of commodities going down.  Here is an overview from Resource Recycling.</font></div><div><font size="4"><br></font></div><div><font size="4"> </font></div><img src="cid:ii_laa4gfo91" alt="image.png" width="444" height="114"><br><div><div class="gmail-rwh_post_inner_box" style="box-sizing:border-box;margin:0px;padding:0px;border-radius:8px;border:0px solid rgb(0,0,0);background:padding-box padding-box transparent"><h1 class="gmail-rwh_post_title entry-title" style="box-sizing:border-box;margin:0px;padding:0px;font-family:"open sans",arial;line-height:1.5;color:rgb(7,127,76);font-size:24px;background-repeat:repeat;background-color:transparent"><a href="https://resource-recycling.com/recycling/2022/11/07/haulers-report-impact-of-falling-commodity-prices/" title="Permalink to Haulers report impact of falling commodity prices" rel="bookmark" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(7,127,76);text-decoration-line:none;background-color:transparent;background-repeat:repeat">Haulers report impact of falling commodity prices</a></h1></div><div class="gmail-rwh_article" style="box-sizing:border-box;margin:0px;padding:0px;font-size:14px;font-family:"open sans",arial;color:rgb(179,179,179)"><div class="gmail-postedon" style="box-sizing:border-box;margin:0px;padding:0px"><span class="gmail-meta" style="box-sizing:border-box;margin:0px;padding:0px">Published: November 7, 2022<br style="box-sizing:border-box;margin:0px;padding:0px">Updated: </span>November 7, 2022<br style="box-sizing:border-box;margin:0px;padding:0px"><span class="gmail-meta" style="box-sizing:border-box;margin:0px;padding:0px">by </span><span class="gmail-author gmail-vcard" style="box-sizing:border-box;margin:0px;padding:0px;float:none;max-width:74px"><a href="https://resource-recycling.com/recycling/author/jared-paben/" title="View all posts by Jared Paben" class="gmail-url gmail-fn gmail-n" rel="author" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;vertical-align:middle">Jared Paben</a></span></div><div class="gmail-postcontent entry-content" style="box-sizing:border-box;margin:0px;padding:0px;background:padding-box padding-box transparent;border-radius:0px;border:0px solid rgb(0,0,0)"><div class="gmail-vc_row gmail-wpb_row gmail-vc_row-fluid gmail-vc_custom_1565048080663" style="box-sizing:border-box;padding:0px"><div class="gmail-wpb_column gmail-vc_column_container gmail-vc_col-sm-12" style="box-sizing:border-box;margin:0px;padding:0px;width:709.984px;min-height:1px;float:left"><div class="gmail-vc_column-inner gmail-vc_custom_1565048070916" style="box-sizing:border-box;margin:0px;padding:0px 15px;width:709.984px"><div class="gmail-wpb_wrapper" style="box-sizing:border-box;margin:0px;padding:0px"><div class="gmail-wpb_text_column gmail-wpb_content_element gmail-vc_custom_1667864439542" style="box-sizing:border-box;margin:0px;padding:0px"><div class="gmail-wpb_wrapper" style="box-sizing:border-box;margin:0px;padding:0px"><div id="gmail-attachment_18195" class="gmail-wp-caption gmail-aligncenter" style="box-sizing:border-box;margin:0px auto;padding:5px 3px 10px;clear:both;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial;border:0px solid rgb(255,255,255);max-width:100%;text-align:center;width:910px"><img aria-describedby="caption-attachment-18195" alt="Waste Management truck on a public street." width="900" height="600" class="gmail-wp-image-18195 gmail-size-large gmail-lazyloaded" src="https://resource-recycling.com/recycling/wp-content/uploads/sites/3/2020/11/Waste-Management-truck-20201109-By-David-Tonelson-Editorial-Use-Only-shutterstock_1366454822-web-1024x683.jpg" style="box-sizing: border-box; margin: 0px; padding: 0px; height: auto; max-width: 100%; vertical-align: middle; border: 0px solid transparent; opacity: 1; transition: opacity 400ms ease 0ms; border-radius: 0px; box-shadow: none; width: auto;"><p id="gmail-caption-attachment-18195" class="gmail-wp-caption-text" style="box-sizing:border-box;margin:0px;padding:0px 4px 5px;font-family:"Open Sans",Arial;color:rgb(51,51,51);text-align:left;line-height:17px;background:padding-box padding-box rgba(255,255,255,0)"><em style="box-sizing:border-box;margin:0px;padding:0px">Company leaders said during recent investor calls they expect fourth-quarter 2022 recyclables values to be far below third-quarter figures.</em> | <em style="box-sizing:border-box;margin:0px;padding:0px">David Tonelson/Shutterstock</em></p></div><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">Plummeting recyclables prices took a bite out of the largest haulers’ revenues during the third quarter, and executives foresee worse prices to come. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span id="gmail-more-25094" style="box-sizing:border-box;margin:0px;padding:0px"></span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">Waste Management, Republic Services, GFL Environmental and Waste Connections reported year-over-year recycling-related revenue drops of 9%, 27%, 14% and 17%, respectively. Casella Waste Systems reported a 27% increase in a segment that includes recycling, but the boost was unrelated to the health of recycling markets. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">By and large, the numbers </span><a href="https://resource-recycling.com/recycling/2022/08/15/haulers-continued-to-enjoy-markets-in-second-quarter/" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">mark a sharp reversal from the second quarter</a><span style="box-sizing:border-box;margin:0px;padding:0px">, when the five largest publicly traded garbage and recycling companies in North America reported surging recycling revenues. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">And several leaders said during the conference calls with investors they expect fourth-quarter 2022 recyclables values to be far below the third-quarter numbers. </span></p><h3 style="box-sizing:border-box;margin:12px 0px;padding:0px;font-weight:400;line-height:1.5;color:rgb(20,36,61);font-size:1.43em">Waste Management</h3><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">North America’s largest garbage and recycling company reported that its recycling business brought in about $420 million in revenue during the third quarter, down 9% from the </span><a href="https://resource-recycling.com/recycling/2021/11/16/with-revenues-soaring-wm-and-others-invest-in-processing/" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial"><span style="box-sizing:border-box;margin:0px;padding:0px">third quarter of 2021</span></a><span style="box-sizing:border-box;margin:0px;padding:0px">. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">The company’s MRFs experienced a 30% drop year over year in the average sales price of their recovered commodities. </span><span style="box-sizing:border-box;margin:0px;padding:0px">In an Oct. 26 conference call with investors, John Morris, WM’s chief operating officer, said the company’s blended </span><span style="box-sizing:border-box;margin:0px;padding:0px">average commodity price in the third quarter was about $94 per ton.</span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">“Demand for recycled material strengthened through 2021 and into early 2022, moderating during the second quarter and began to decline in the third quarter of 2022,” according to the </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/823768/000155837022015389/wm-20220930x10q.htm" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">company’s quarterly report</a><span style="box-sizing:border-box;margin:0px;padding:0px">. </span></p><p style="box-sizing:border-box;margin:10px 0px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">The market conditions reduced profits in the recycling business by about $36 million, compared with the third quarter of 2021, according to a </span><a href="https://investors.wm.com/news-releases/news-release-details/wm-announces-third-quarter-earnings-1" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial"><span style="box-sizing:border-box;margin:0px;padding:0px">press release</span></a><span style="box-sizing:border-box;margin:0px;padding:0px">.</span></p></div></div></div></div></div></div><div class="gmail-vc_row gmail-wpb_row gmail-vc_row-fluid gmail-vc_custom_1565048358016 gmail-vc_row-o-content-middle gmail-vc_row-flex" style="box-sizing:border-box;padding:0px;display:flex"><div class="gmail-wpb_column gmail-vc_column_container gmail-vc_col-sm-6" style="box-sizing:border-box;margin:0px;padding:0px;width:354.984px;min-height:1px;float:left;display:flex"><div class="gmail-vc_column-inner gmail-vc_custom_1565048432402" style="box-sizing:border-box;margin:0px;padding:0px 15px;width:354.984px;display:flex"><div class="gmail-wpb_wrapper" style="box-sizing:border-box;margin:0px;padding:0px"><div class="gmail-wpb_text_column gmail-wpb_content_element gmail-vc_custom_1667864154554" style="box-sizing:border-box;margin:0px;padding:0px;background-color:rgb(239,239,239)"><div class="gmail-wpb_wrapper" style="box-sizing:border-box;margin:0px;padding:0px"><h2 style="box-sizing:border-box;margin:10px 0px;padding:0px;line-height:1.5;color:rgb(20,36,61);font-size:1.71em">By the numbers</h2><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">The following is a look at key third-quarter 2022 recycling numbers from the five largest publicly traded haulers in North America:</span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-weight:bolder">Waste Management</span></p><ul style="box-sizing:border-box;margin:0px 0px 1rem 30px;padding:0px"><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 recycling revenue: $420 million</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 revenue change YoY: Down 9%</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Average Q3 commodity price: $94 per ton</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Average Q3 commodity price YoY: Down 30%</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 recycling EBITDA YoY: Down by $36 million</span></li></ul><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-weight:bolder">Republic Services</span></p><ul style="box-sizing:border-box;margin:0px 0px 1rem 30px;padding:0px"><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 recycling revenue: $87 million</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 revenue change YoY: Down 27%</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Average Q3 commodity price (excluding glass and organics): $162 a ton</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Commodity price YoY: Down 30%</span></li></ul><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-weight:bolder">GFL Environmental (converted to U.S. from Canadian dollars on Nov. 7, 2022)</span></p><ul style="box-sizing:border-box;margin:0px 0px 1rem 30px;padding:0px"><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 recycling revenue: $63 million</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 revenue change YoY: Down 14%</span></li></ul><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-weight:bolder">Casella Waste Systems</span></p><ul style="box-sizing:border-box;margin:0px 0px 1rem 30px;padding:0px"><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 Resource Solutions (which includes recycling and other businesses) revenue: $80 million</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 revenue change YoY: Up 27%</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 operating income: $4.5 million</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Operating income YoY: Down 32%</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Average Q3 commodity price YoY: Down 37%</span></li></ul><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-weight:bolder">Waste Connections</span></p><ul style="box-sizing:border-box;margin:0px 0px 0px 30px;padding:0px"><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 recycling revenue: $46 million</span></li><li style="box-sizing:border-box;margin:5px 0px;padding:0px;color:rgb(51,51,51);text-align:justify"><span style="box-sizing:border-box;margin:0px;padding:0px">Q3 revenue change YoY: Down 17%</span></li></ul></div></div></div></div></div></div><div class="gmail-vc_row gmail-wpb_row gmail-vc_row-fluid gmail-vc_custom_1565048080663" style="box-sizing:border-box;padding:0px"><div class="gmail-wpb_column gmail-vc_column_container gmail-vc_col-sm-12" style="box-sizing:border-box;margin:0px;padding:0px;width:709.984px;min-height:1px;float:left"><div class="gmail-vc_column-inner gmail-vc_custom_1565048070916" style="box-sizing:border-box;margin:0px;padding:0px 15px;width:709.984px"><div class="gmail-wpb_wrapper" style="box-sizing:border-box;margin:0px;padding:0px"><div class="gmail-wpb_text_column gmail-wpb_content_element" style="box-sizing:border-box;margin:0px 0px 35px;padding:0px"><div class="gmail-wpb_wrapper" style="box-sizing:border-box;margin:0px;padding:0px"><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">Recycling brings in about 2% of Republic’s operating revenues. Overall, the company reported $3.6 billion in revenue during the third quarter, up 23% year over year. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">Still, company executives said WM’s shifts in recent years to a fee-based revenue model for recycling, as well as investments in MRF automation, have helped insulate it from commodity price downturns. Leaders were quoted discussing the financial benefits of the contract changes and sorting technology investments in a Resource Recycling story </span><a href="https://resource-recycling.com/recycling/2022/11/01/post-recession-reforms-help-mrfs-weather-price-fluctuations/" style="color:rgb(40,130,50);box-sizing:border-box;margin:0px;padding:0px;background-color:transparent;font-family:"open sans",arial"><span style="box-sizing:border-box;margin:0px;padding:0px">published last week</span></a><span style="box-sizing:border-box;margin:0px;padding:0px">. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">That being said, in the near-term, WM is expecting more market difficulty. Morris said the company is anticipating a blended average commodity value in the fourth quarter of about $50 per ton, a decrease of about 62%. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">The quarterly report notes that “continued significant headwinds are expected for the remainder of the year and into 2023 amid significant price declines resulting from the slowdown in the global economy, which is reducing retail demand and the need for package shipping.”</span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">In related WM news, the company recently </span><a href="https://sustainability.wm.com/downloads/WM_2022_SR.pdf" style="color:rgb(40,130,50);box-sizing:border-box;margin:0px;padding:0px;background-color:transparent;font-family:"open sans",arial"><span style="box-sizing:border-box;margin:0px;padding:0px">published its 2022 sustainability report</span></a><span style="box-sizing:border-box;margin:0px;padding:0px">, which noted that the company recycled 15.3 million tons of recyclables in 2021, up 2% from the year before (that includes organics, C&D debris, fly ash and various other materials).</span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">Recycling now brings in 12% of WM’s total revenue. Overall, WM’s total revenue during the third quarter was $5.08 billion, up nearly 9% year over year. </span></p><h3 style="box-sizing:border-box;margin:12px 0px;padding:0px;font-weight:400;line-height:1.5;color:rgb(20,36,61);font-size:1.43em">Republic Services</h3><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">The company reported recycling revenues of $87 million during the quarter, down 27% year over year. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">According to the </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1060391/000106039122000027/rsg-20220930.htm" style="color:rgb(40,130,50);box-sizing:border-box;margin:0px;padding:0px;background-color:transparent;font-family:"open sans",arial">company’s quarterly report</a><span style="box-sizing:border-box;margin:0px;padding:0px">, the average price for recovered commodities (excluding glass and organics) was $162 during the quarter, down 30% from a year earlier. That price is also down about 26% from the second quarter of 2022. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em"></span></p><p style="box-sizing:border-box;margin:10px 0px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">Brian DelGhiaccio, Republic’s chief financial officer, said during an </span><a href="https://seekingalpha.com/article/4550223-republic-services-inc-rsg-q3-2022-earnings-call-transcript" style="color:rgb(40,130,50);box-sizing:border-box;margin:0px;padding:0px;background-color:transparent;font-family:"open sans",arial"><span style="box-sizing:border-box;margin:0px;padding:0px">Oct. 27 conference call</span></a><span style="box-sizing:border-box;margin:0px;padding:0px"> with investors the company is anticipating commodity values will average $90 per ton in the fourth quarter. The recycling business would remain profitable if commodity prices average $90, he added. </span></p><h3 style="box-sizing:border-box;margin:12px 0px;padding:0px;font-weight:400;line-height:1.5;color:rgb(20,36,61);font-size:1.43em">GFL Environmental</h3><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">The company’s recycling business brought in 85 million Canadian dollars ($63 million U.S.; all dollars below converted to U.S. on Nov. 7) during the third quarter, down 14% year over year, according to the company’s </span><a href="https://www.sec.gov/Archives/edgar/data/1780232/000110465922114467/tm2227015d1_ex99-1.htm" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">quarterly report</a><span style="box-sizing:border-box;margin:0px;padding:0px">.</span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">GFL records its recycling business result under the “material recovery” business, which is part of the larger solid waste business. The solid waste business brought in revenue of $1.09 billion and adjusted EBITDA of $314 million in the third quarter, up 27% and 15% year over year, respectively. The revenue number was driven in large part by acquisitions. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">Material recovery brings in less than 5% of GFL’s operating revenue. The company reported total revenue of $1.36 billion in the third quarter, up 33% year over year. </span></p><h3 style="box-sizing:border-box;margin:12px 0px;padding:0px;font-weight:400;line-height:1.5;color:rgb(20,36,61);font-size:1.43em">Casella Waste Systems</h3><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">The company’s recycling results are recorded under its “Resource Solutions” operating segment, which reported revenue of $80 million during the third quarter, up 27% year over year. Most of that was because of acquisitions, however.  </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">The Resource Solutions segment includes recovered materials processing, industrial recycling, and organics and resource management services. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">According to the </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/911177/000091117722000069/cwst-20220930.htm" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">company’s quarterly report</a><span style="box-sizing:border-box;margin:0px;padding:0px">, third-quarter Resource Solutions revenue was $17 million higher than it had been a year earlier. The company attributed the increase to several factors, including acquisitions. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">Specifically, acquisitions resulted in an increase of $11.5 million, and an increase of $9 million was from higher volumes on organic business growth, favorable pricing and increased fees. On the downside, decreased commodity values and volumes reduced the year-over-year change by about $3.5 million. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">During the quarter, the Resource Solutions segment reported operating income of $4.5 million, down 32% year over year. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">During an </span><a href="https://seekingalpha.com/article/4550501-casella-waste-systems-inc-cwst-q3-2022-earnings-call-transcript" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">Oct. 28 conference call with investors</a><span style="box-sizing:border-box;margin:0px;padding:0px">, Edmond Coletta, Casella’s chief financial officer, noted that third-quarter commodity prices were 37% lower year over year because of lower OCC, mixed paper, metals and plastic prices. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">“In fact, commodity prices hit a high point back in April and have declined roughly 55% a ton from April through September with weakness across all classes,” he said. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">However, during the call, CEO John Casella credited the company’s sustainability recycling adjustment (SRA) fee with helping to buffer the impact of falling recyclables prices. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">“With regards to the recent performance of the recycling commodity prices, as you know, the team has done a fantastic job creating risk mitigation programs with the sustainability recycling adjustment fee,” he said. “We implemented our SRA fee several years ago and it shifts the vast majority of the recycling commodity price exposure to our customers.”</span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">Overall, Casella reported revenue of $295 million during the third quarter, up 22% year over year. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">In related news, Casella Waste Systems recently published its </span><a href="https://www.globenewswire.com/en/news-release/2022/10/25/2541392/8693/en/Casella-Waste-Systems-Publishes-Its-2022-Sustainability-Report-Announces-Progress-Towards-2030-Sustainability-Goals.html" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">sustainability report</a><span style="box-sizing:border-box;margin:0px;padding:0px">. </span></p><h3 style="box-sizing:border-box;margin:12px 0px;padding:0px;font-weight:400;line-height:1.5;color:rgb(20,36,61);font-size:1.43em">Waste Connections</h3><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">The company’s recycling business brought in $46 million in revenue during the third quarter, down 17% year over year. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">According to the company’s </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1318220/000155837022016106/wcn-20220930x10q.htm" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">quarterly report</a><span style="box-sizing:border-box;margin:0px;padding:0px">, prices for OCC, aluminum, plastics and other paper products were all lower than they had been a year earlier. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">In a </span><a href="https://www.sec.gov/Archives/edgar/data/1318220/000155837022015993/wcn-20221102xex99d1.htm" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">press release</a><span style="box-sizing:border-box;margin:0px;padding:0px">, Waste Connections CEO Worthing Jackman described a “precipitous decline in recycled commodity values in September.” </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">In a Nov. 3 conference call with investors, Jackman said third-quarter commodity revenues were down nearly 35% year over year, excluding revenue impacts from acquisitions. The revenue fell about 30% from the second quarter, he noted, about twice as bad of a drop as Waste Connections was expecting. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">The drops also cut into profits. The recycling business performance reduced adjusted EBITDA by about $10 million in the third quarter, the company’s overall adjusted EBITDA was still $588 million, up $82 million year over year, said Mary Anne Whitney, Waste Connections’ chief financial officer, </span><a href="https://seekingalpha.com/article/4552607-waste-connections-inc-wcn-q3-2022-earnings-call-transcript" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial">during the investor call</a><span style="box-sizing:border-box;margin:0px;padding:0px">. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px;font-size:1em">Recycling makes up less than 3% of Waste Connections’ operating revenue. Overall, the company reported total revenue of $1.88 billion during the third quarter, up 18% year over year. Over half of that revenue increase was a result of acquisitions of other companies, however. </span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><span style="box-sizing:border-box;margin:0px;padding:0px">Like a couple of the other major haulers, Waste Connections </span><a href="https://investors.wasteconnections.com/2022-10-27-WASTE-CONNECTIONS-CONTINUES-PROGRESS-TOWARDS-ASPIRATIONAL-ESG-TARGETS-AND-INTRODUCES-EMISSION-REDUCTION-TARGETS-IN-2022-SUSTAINABILITY-REPORT" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial"><span style="box-sizing:border-box;margin:0px;padding:0px">recently published its sustainability report</span></a><span style="box-sizing:border-box;margin:0px;padding:0px">.</span></p><p style="box-sizing:border-box;margin:10px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"> </p><p style="box-sizing:border-box;margin:10px 0px 0px;padding:0px;font-family:"Open Sans",Arial;color:rgb(51,51,51);line-height:1.42;background:padding-box padding-box rgba(255,255,255,0)"><a href="https://shred-tech.com/" style="box-sizing:border-box;margin:0px;padding:0px;color:rgb(40,130,50);background-color:transparent;font-family:"open sans",arial"><br class="gmail-Apple-interchange-newline"></a></p></div></div></div></div></div></div></div></div></div><div><font size="4"><br></font></div></div>