11:48 AM EDT, 07/29/2025 (MT Newswires) -- (Adds analyst comments and updates shares)

SECURE Waste Infrastructure ( SECYF ) , a waste management and energy infrastructure company, on Tuesday reported second-quarter earnings per share that missed estimates, even as revenues beat expectations, while it maintained its full-year 2025 Adjusted EBITDA guidance.

Second-quarter net income was reported at $31 million, or $0.14 per share, compared to $32 million, or $0.12 per share in the year-ago quarter. Consensus estimate compiled by FactSet for EPS was $0.16 per share.

The company noted that the net income was "relatively flat" from the year-prior quarter on an absolute basis, and up 17% on a per share basis as share buybacks over the past year cut the weighted average shares outstanding in the quarter by 15%.

Revenue, excluding oil purchase and resale, was $353 million, up 5% from $337 million, beating the consensus estimate compiled by FactSet of $344.3 million. The company said that the increase was primarily driven by contributions from the Edmonton-based metals recycling business acquired on January 31.

It also recorded Q2 2025 Adjusted EBITDA of $110 million ($0.49 /basic share).

"Our second quarter results were in line with expectations and reflected the typical seasonal impacts of spring break-up," said Chief Executive Officer Allen Gransch. "Despite these seasonal effects, as well as macroeconomic challenges, including active forest fires, and ongoing pressure in the ferrous metals market linked to U.S. tariffs and broader recessionary concerns, our infrastructure-backed business model continues to demonstrate strength."

The company is maintaining its full-year 2025 Adjusted EBITDA guidance of $510-$540 million, "supported by higher volumes and pricing, contributions from organic growth projects, and long-term industry fundamentals."

For the remainder of 2025 it also flagged discretionary free cash flow of $270 million to $300 million and organic growth capital of approximately $125 million, over 70% of which is directed toward long-cycle, contracted infrastructure investments that deliver stable, recurring cash flows. It also flagged sustaining capital of $85 million and an asset retirement obligation spend of $15 million.

National Bank of Canada on Tuesday maintained its outperform rating and $17.50 price target on SECURE's shares.

The bank said that, despite the headwinds, the company's described offsetting strength from 'higher volumes and pricing, contributions from organic growth projects, and long-term industry fundamentals' was enough to maintain its guide.

"All said, we think SES 'scores points' here as it demonstrates to the market that it can withstand some macro headwinds and still generate consistent/resilient results," said analyst Michael Doumet. "Additionally, at some point, we expect metal recycling segment margins to recover, likely setting up for easy comps in 1H26."

The company's shares were last seen down $0.57 to $16.15 on the Toronto Stock Exchange.

Price: 16.15, Change: -0.57, Percent Change: -3.41