Environmental & Facilities Services

Waste Connections raised its full-year 2026 outlook after reporting second-quarter revenue growth of 6.4% year over year to $2.56 billion. The company now expects 2026 revenues of $10.02-$10.05 billion and adjusted EBITDA of $3.33-$3.34 billion, with adjusted free cash flow of $1.40-$1.45 billion. Adjusted EBITDA rose 6.8% to $840.1 million in the quarter, with the margin expanding to 32.8%, while solid waste internal growth of 3.6% was driven by a 5.6% core price increase. Waste Connections completed acquisitions representing more than $100 million in annualized revenues, and its board declared a regular quarterly cash dividend of $0.35 per U.S. common share, payable on Aug. 20, 2026, to shareholders of record as of Aug. 6, 2026. Operating income fell to $437.6 million from $459.5 million a year earlier as fuel and related costs rose and commodity values remained lower, and capital expenditures climbed to $598.9 million in the first six months of 2026 from $497.8 million a year ago.

Jiaotou Ecology announced on September 14 that the company, as the lead member of a consortium with Jiankan Survey Co., Ltd. and Chongqing Yuhao Architectural Design and Research Institute Co., Ltd., has been identified as the first candidate for the design-build contract of the Guanlei Port Logistics Park Project Phase One. The pre-winning bid amount is 28.1907 million yuan.

Better World Green, or BWG, and Akkee Prakarn, or AKP, joined the government in supporting the annual ceremony to destroy seized items in finalized intellectual property infringement cases for 2026, organized by the Department of Intellectual Property under the Ministry of Commerce together with the Royal Thai Police, the Customs Department and the Department of Special Investigation at the reserve training ground of the 1st Anti-Aircraft Artillery Battalion, 7th Regiment, Air Defense Command, Royal Thai Army, in Don Mueang district, Bangkok. Dr. Piyanuch Wuttisorn, Assistant Minister to the Ministry of Commerce, presided over the ceremony. The seized items destroyed this year totaled 2,085,705 pieces, representing economic damage of more than 2.145 billion baht, an increase of more than 36.45% from the previous year. They covered consumer goods, clothing, bags, electronic devices, automotive parts, as well as sensitive product groups such as counterfeit medicines, medical supplies and cosmetics. The group of companies was entrusted to take responsibility for disposing of all the seized items under the ISO 14001:2015 environmental management standard. General non-hazardous items will be sent to the renewable energy center in Nakhon Luang Industrial Estate, Nakhon Luang district, Phra Nakhon Si Ayutthaya province, to be crushed and shredded to destroy their condition before being processed into industrial refuse-derived fuel, or RDF, to feed the power plant of Recovery House Company Limited under the ETC group. Meanwhile, seized items in the chemical, medicine, medical supply and counterfeit cosmetics groups will be sent to the high-temperature EKP incinerator at Bang Pu Industrial Estate in Samut Prakan province, which controls temperatures above 1,000 to 1,200 degrees Celsius, along with an air pollution treatment system and a real-time air quality monitoring system, or CEMS. Mr. Akarawit Khan Kaew, Vice Chairman of BWG, said the group of companies places importance on transparency at every step. Mr. Supawat Khunworawinit, Chief Executive Officer of ETC, said that using RDF from the seized items to generate electricity helps turn copyright-infringing goods into renewable energy. Mr. Wanchai Lueangwiriya, Chief Executive Officer and Managing Director of AKP, stressed that the specialized incinerator was designed according to international standards specifically to dispose of these hazardous wastes, in line with the obligations of the World Trade Organization, or WTO.

ABM Industries told investors on September 8 that nine-month free cash flow reached $199.6 million, up from $42.4 million a year earlier, prompting management to raise its full-year reported free cash flow outlook to $210 million and its normalized figure to $285 million. Adjusted EPS climbed 27% to $1.04, and the company hit its target leverage ratio of below 3 times a full quarter ahead of schedule. Semiconductor, microgrid, and data center work generated nearly $775 million in revenue over nine months, now more than 11% of the total, with semiconductor organic growth alone running 65%, while aviation revenue grew 12% to $328.1 million and manufacturing and distribution revenue rose 18% to $481 million. Not every segment cooperated: Business and Industry revenue fell 2.6% on a large UK client exit and soft Northern California commercial real estate, aviation operating margin slipped to 5.6% from 6.8%, and Technical Solutions revenue rose just 4% after $15 million in project deferrals. Hedge fund ownership fell from 28 funds to 21, short interest sits at 5.45% of float, and the stock trades at a forward price-to-earnings ratio of just 9.13 as of September 11.

ABM reported better-than-expected third-quarter fiscal 2026 results, with adjusted earnings of $1.04 per share up 27% year over year and beating the Zacks Consensus Estimate of $1.01 by 3%, while revenues rose 4.2% to $2.32 billion and topped the consensus mark of $2.30 billion by 0.7%. The company raised its adjusted earnings outlook to $3.95-$4.10 per share from $3.85-$4.15, lifting the midpoint to $4.02, above the Zacks Consensus Estimate of $3.97, and now projects segment operating margin of 7.7-7.8% versus the prior 7.8-8% range. Growth was led by Manufacturing & Distribution, where revenues climbed 17.6% to $481 million, and Aviation, up 12.5% to $328.1 million, while Business & Industry revenues declined 2.6% to $1.01 billion on the exit of a large U.K.-based client and West Coast softness. Semiconductor, microgrid and data center-related revenues reached nearly $775 million through nine months, rising 26% organically, with semiconductor revenues at about $300 million, microgrid at about $300 million and data center at roughly $175 million. GAAP net income increased 18.9% to $49.7 million, or 84 cents per share, adjusted EBITDA rose 11% to $139.6 million, and the company lifted its full-year operating cash flow expectation to about $300 million and free cash flow to about $210 million, up $25 million from the prior free cash flow outlook.

Séché Environnement reported first-half 2026 contributed revenue of €607.8 million, up 4.8% from €580.1 million a year earlier, and confirmed its full-year targets. EBITDA rose 8.5% to €128.3 million, while current operating income was stable at €49.5 million, but operating income fell 8.1% to €45.2 million due to €4 million in non-recurring charges from the performance plan and acquisitions. Net income attributable to shareholders dropped 23.3% to €12.2 million, with earnings per share at €1.57. The company completed two major acquisitions early in the year—Hidronor in Chile and La Filippa in Italy—which contributed €35.8 million in revenue and €19.9 million in EBITDA. At constant scope, organic growth was a strong 11.8% at constant exchange rates in international markets, while France saw an 8.7% decline in contributed revenue. Free operating cash flow rose 14.1% to €72.1 million, and IFRS financial leverage stood at 2.9x EBITDA. Séché Environnement confirmed its 2026 targets of contributed revenue between €1,230 million and €1,260 million and EBITDA between €260 million and €270 million, excluding the planned Groupe Flamme acquisition.

ABM Industries shares surged 7.4% in afternoon trading after the company reported record second-quarter revenue and raised its full-year financial guidance. For the period ended July 31, 2026, ABM achieved record revenue of $2.32 billion, up 4.2% year over year. Net income climbed 19% to $49.7 million, or $0.84 per diluted share, while adjusted net income grew 19% to $61.5 million, or $1.04 per diluted share. Adjusted EBITDA improved 11% to $139.6 million. The company also raised its full-year outlook for adjusted earnings per share, operating cash flow, and free cash flow. Shares closed at $50.64, up 7.6%, marking a new 52-week high.

ABM Industries Incorporated raised its fiscal 2026 adjusted EPS guidance to $3.95-$4.10 and lifted its reported free cash flow forecast to about $210 million, citing strong third-quarter results despite project deferrals in its Technical Solutions segment. The company reported record quarterly revenue of slightly above $2.3 billion, up 4.2% year-over-year, with adjusted EPS of $1.04, beating estimates by $0.03. CEO Scott Salmirs said about $15 million in deferred projects from an important client are expected to shift into the fourth quarter, and the company anticipates finalizing a $20 million microgrid contract with the Army Corps of Engineers for execution in calendar 2027. ABM also noted that its high-growth businesses—semiconductors, microgrids, and data centers—now represent more than 11% of revenue with a double-digit blended operating margin. The company raised its reported free cash flow outlook to approximately $210 million from $185 million, while normalized free cash flow is expected at about $285 million.

ABM Industries reported record third-quarter revenue of more than $2.3 billion, up 4.2% year over year, and raised its fiscal 2026 adjusted EPS forecast to $3.95–$4.10. Adjusted diluted EPS rose 27% to $1.04, while net income increased 19% to $49.7 million. The company also lifted its reported free-cash-flow outlook to approximately $210 million, up from $185 million. Growth in semiconductor, microgrid, and data-center businesses drove results, but Aviation margins declined and about $15 million of Technical Solutions projects were deferred, mostly into the fourth quarter. CEO Scott Salmirs cited strong performance despite project timing and client exits, with adjusted EBITDA up 11% to $139.6 million.

ABM Industries reported second-quarter fiscal 2026 results that met Wall Street's revenue expectations, with sales rising 4.2% year over year to $2.32 billion, slightly above the $2.31 billion consensus. Adjusted earnings per share came in at $1.04, beating analyst estimates of $1.01 by 2.6%, while adjusted EBITDA of $139.6 million missed the $144.7 million forecast. The company raised its full-year adjusted EPS guidance to $4.03 at the midpoint. CEO Scott Salmirs highlighted record quarterly revenue and strong cash generation, with growth in Aviation and Manufacturing & Distribution segments, though Technical Solutions faced project deferrals. Shares were flat at $46.69 following the announcement.

ABM Industries Incorporated reported fiscal third quarter 2026 results, with revenue rising 4.2% to a record $2.3 billion, and raised the midpoint of its full-year adjusted EPS outlook. Net income increased 19% to $49.7 million, or $0.84 per diluted share, while adjusted net income grew 19% to $61.5 million, or $1.04 per diluted share. Adjusted EBITDA improved 11% to $139.6 million. The company now expects full-year adjusted EPS in the range of $3.95 to $4.10, up from the previous $3.85 to $4.15, and raised its free cash flow outlook to approximately $210 million. Organic revenue growth was led by Manufacturing & Distribution and Aviation, which grew 18% and 12%, respectively, while Technical Solutions was impacted by project deferrals. The company also secured a $300 million accounts receivable facility and declared a quarterly dividend of $0.29 per share.

Clean Harbors has signed a definitive agreement to acquire EnviroServe from an affiliate of One Rock Capital Partners for $470 million in cash, with the deal expected to close in the second half of the year. The acquisition will be funded through existing cash and additional debt, and Clean Harbors projects cost synergies of about $25 million in the first two years, bringing the post-synergy multiple to roughly 9x adjusted EBITDA. EnviroServe, a national environmental and waste management provider, generates about $250 million in annual revenue and $27 million in adjusted EBITDA, with 85% of revenue recurring and top customers averaging over 16 years of tenure. The deal expands Clean Harbors' railcar cleaning capacity with five facilities and adds a fleet of over 1,400 vacuum boxes, roll-off containers, and frac tanks. However, bears cite integration risks, potential synergy shortfalls, and increased leverage from debt funding, while institutional interest has grown, with hedge fund holdings rising to 61 from 51 in the prior quarter.

Tetra Tech has secured major multi-year contracts totaling $29.5 million with the U.S. Environmental Protection Agency and the Millennium Challenge Corporation for environmental and infrastructure services. The EPA award, a four-year, $16.8 million contract, covers engineering, technical, and consulting support for national brownfield site assessment and revitalization projects. The Millennium Challenge Corporation awards, two concurrent five-year contracts totaling $12.7 million, focus on independent engineering and due diligence for global transport and vertical infrastructure programs. These wins expand Tetra Tech's role in both U.S. environmental remediation and international infrastructure development, aligning with its focus on higher-value consulting and technology-driven services.

Studsvik has selected GE Vernova Hitachi Nuclear Energy and Samsung C&T as strategic partners to advance a four-unit BWRX-300 small modular reactor project in Sweden, totaling 1.2 GW of new nuclear capacity, with the first unit expected in operation by the mid-2030s. The agreement, announced on September 3, 2026, is exclusive for a fixed period and covers sites at Nyköping and Valdemarsvik, with the initial project to be built at one of them. The ReFirm programme, which became part of Studsvik through its acquisition of Kärnfull Next earlier this year, aims to standardize deployment across multiple units and maximize Swedish industrial participation. GE Vernova Hitachi will lead reactor design and licensing, while Samsung C&T will serve as part of the execution team, with DS Investment Partners leading investment and GE Vernova Financial Services providing advisory support. The announcement does not constitute a final investment decision, and no material financial impact on Studsvik's 2026 earnings is expected.

WM continues to benefit from steady demand for waste collection and disposal services, supported by its network scale and pricing discipline, but its elevated debt and tight liquidity pose challenges. In the second quarter of 2026, core price increased 5.7%, adjusted operating EBITDA margin expanded 40 basis points to 30.9%, and revenues rose 4% year over year. The company's SmartTruck program generates over $300 million in annual run-rate EBITDA, while recycling and renewable energy adjusted operating EBITDA grew 32.5% year over year. WM returned $1 billion through share repurchases and paid $764 million in dividends in the first half of 2026. However, total debt stood at $23.36 billion against $557 million in cash, and the current ratio of 0.91 is below the industry average of 1.61, limiting financial flexibility. Adjusted earnings of $2.02 per share beat the Zacks Consensus Estimate by 1.5% and rose 5.2% from the prior year.

Sinoma Energy Conservation released its 2026 interim report, achieving a net profit of 4.4643 million yuan, turning from loss to profit year-on-year. The company's total operating revenue was 1.8 billion yuan, up 49.19% year-on-year, rising for two consecutive years. Net cash flow from operating activities was negative 389 million yuan, the asset-liability ratio was 64.87%, gross margin was 14.23%, and ROE was 0.22%. Diluted earnings per share was 0.01 yuan, total asset turnover rose 14.17% year-on-year, and inventory turnover rose 22.49% year-on-year. The number of shareholders was 34,500, and the top ten shareholders held 59.15% of total share capital.

ST Meichen released its 2026 interim report, with total operating revenue of 963 million yuan, up 11.59% year on year, and net profit attributable to the parent company of negative 34.7684 million yuan, narrowing the loss by 56.6003 million yuan compared with the same period last year, achieving four consecutive years of improvement. Net cash inflow from operating activities was 148 million yuan, up 509.81% year on year. The company's asset-liability ratio was 96.83%, gross margin was 13.09%, ROE was negative 175.50%, and diluted earnings per share was negative 0.02 yuan. The number of shareholders was 32,300, and the top ten shareholders held 33.08% of total share capital.

Green Dynamics released its 2026 interim report, with total operating revenue of 1.877 billion yuan, up 11.45% year-on-year, and net profit attributable to the parent of 465 million yuan, up 23.16% year-on-year. Net cash inflow from operating activities was 705 million yuan, up 11.57% year-on-year. The company's asset-liability ratio was 60.25%, gross margin was 49.95%, ROE was 5.50%, and diluted earnings per share was 0.33 yuan. The number of shareholders was 45,500, and the top ten shareholders held 78.25% of total share capital.

Zhongchi Shares disclosed its 2026 semi-annual report on August 29. In the first half of the year, total operating revenue was 317 million yuan, down 23.01% year-on-year; net profit attributable to the parent company was 14.5702 million yuan, up 45.65% year-on-year; non-GAAP net profit was 12.7308 million yuan, up 43.45% year-on-year. Net cash flow from operating activities was negative 51.1814 million yuan, compared with negative 162 million yuan in the same period last year. Basic earnings per share were 0.06 yuan, and the weighted average return on equity was 1.03%, up 0.37 percentage points year-on-year. The company's main businesses are urban sewage treatment, industrial park and industrial sewage treatment, and comprehensive environmental governance.

Tetra Tech reported third-quarter fiscal 2026 adjusted earnings of 42 cents per share, beating the Zacks Consensus Estimate of 40 cents, while net revenues of $1.11 billion topped expectations of $1.08 billion. The company's backlog rose 4.9% sequentially to $4.49 billion, driven by wins in water infrastructure, defense, and digital automation. In the first nine months of fiscal 2026, Tetra Tech distributed dividends totaling $52.5 million, up from $48 million in the prior-year period, and repurchased shares worth $202 million. For fiscal 2026, the company forecasts net revenues between $4.315 billion and $4.365 billion and adjusted earnings of $1.56 to $1.59 per share. Shares have gained 12.9% since the last earnings report, and the stock carries a Zacks Rank #2 (Buy).

Green Dynamics released its 2026 interim report, with first-half net profit attributable to the parent at 465 million yuan, up 23.2% year on year. Operating revenue was 1.88 billion yuan, up 11.4% year on year; non-GAAP net profit attributable to the parent was 463 million yuan, up 23.3%; net operating cash flow was 705 million yuan, up 11.6%; earnings per share were 0.3248 yuan. In the second quarter, operating revenue was 982 million yuan, up 14.7% year on year, and net profit attributable to the parent was 258 million yuan, up 34.2%. As of the end of the second quarter, total assets were 22.296 billion yuan, up 1.7% from the end of the previous year, and net assets attributable to the parent were 8.452 billion yuan, up 2.3%. The company said its operations remained generally stable during the reporting period, with 38 operating projects in the household waste incineration power generation sector, and its waste treatment capacity and installed capacity both rank among the industry leaders. It plans to step up efforts to expand into overseas markets going forward.

ST Meichen released its 2026 interim report, showing first-half operating revenue of 963 million yuan, up 11.6% year on year, while net loss attributable to the parent narrowed to 34.77 million yuan from a loss of 91.37 million yuan in the same period last year. Second-quarter revenue was 482 million yuan, up 5.2% year on year, with a net loss attributable to the parent of 24.77 million yuan. As of the end of the second quarter, the company's total assets stood at 4.234 billion yuan, down 6.2% from the end of the previous year, while net assets attributable to the parent were 19.81 million yuan, down 63.7%. The company's main businesses include non-tire rubber and landscaping. During the reporting period, non-tire rubber revenue was 960 million yuan, up 14.28% year on year, while the landscaping business continued to lose money due to intensifying industry competition and slower-than-expected payment collection. The company plans to divest this business to focus on its core operations.

Shandong Meichen Technology Group Co., Ltd., listed as ST Meichen, released its 2026 semi-annual report on the evening of August 28. During the reporting period, the company achieved operating revenue of 963 million yuan, up 11.59% year on year, while net loss narrowed to 34.77 million yuan, a 61.95% improvement from the same period last year, signaling a clear recovery trend. Among its businesses, the non-tire rubber segment, which has been the company's core operation for more than two decades, recorded operating revenue of 960 million yuan, up 14.28% year on year, with both operating quality and economies of scale improving. The company is accelerating the divestment of its Sai Shi landscape assets, and a preliminary plan has been formed for related intercompany balances, aiming to cut off the source of losses and concentrate resources on the non-tire rubber core business. Once the divestment is fully completed, Meichen Technology will achieve a thorough focus on its core business and enter a new stage of high-quality development.