08:01 AM EDT, 04/25/2024 (MT Newswires) -- Secure Energy Services ( SECYF ) on Thursday reported first-quarter net income of $422 million, or $1.47 per diluted share, surging from $55 million, or $0.18 per share, in the same quarter last year.

The waste management and energy infrastructure company attributed the increase to a $520 million gain linked to the sale of 29 facilities to Waste Connections (WCN.TO) for $1.15 billion. The assets were formerly owned by Tervita Corp. and were ordered to be divested by the Competition Tribunal.

Revenue jumped 49% to $$2.85 billion from $1.91 billion while adjusted EBITDA slipped 13% to $132 million from $151 million.

For 2024, Secure expects to book an adjusted EBITDA of $450 million to $465 million, hitting the high end of its previously provided guidance range of $440 million to $465 million.

The company plans to launch a substantial issuer bid next week, citing the "significant gap" that exists between its current market valuation and that of its peers.

With the Trans Mountain pipeline expansion scheduled to begin operations in the second quarter, Secure said its customers can gain takeaway capacity and stronger pricing with access to global markets.

"We expect industry fundamentals will drive increased volumes and overall demand for Secure's infrastructure," the company said.