Waste Connections Inc. WCN reported first-quarter 2016 adjusted net income of $55.2 million or 45 cents per share compared with adjusted net income of $56.9 million or 46 cents per share in the year-ago quarter. The marginal year-over-year decline in earnings was primarily attributable to the increase in aggregate tax during the quarter. Adjusted earnings were in line with the Zacks Consensus Estimate.Waste Connections Inc. (WCN) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompanyThe reported quarter saw a sharp decline in GAAP earnings to $44.8 million or 36 cents per share from $51.8 million or 42 cents per share in the year-ago quarter. The decline was largely due to higher operating expenses.Revenues in first-quarter 2016 were approximately $515 million, up from $506 million a year ago, but in line with the Zacks Consensus Estimate. Revenues saw a boost in the reporting quarter due to robust growth of 20.8% in the Solid Waste Disposal and Transfer segment. Operating income was $91 million in the reported quarter versus $101.9 million in the year-ago quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased to $169.7 million from $ 168.3 million in the year-ago quarter.Segment RevenuesSolid Waste Collection was the highest contributor at 69% of revenues in the first quarter, which also increased significantly to $355.3 million from $326.1 million in the year-earlier quarter.Solid Waste Disposal and Transfer contributed 20.2% to revenues. Quarterly revenues were up to $104 million from $86.1 million in the prior-year quarter. Solid Waste Recycling revenues marginally fell to approximately $10 million from $10.8 million.E&P Waste Treatment, Recovery and Disposal saw a substantial drop in revenues to $30.5 million from $68.6 million in the year-ago quarter. This dramatic decline of 55.5% in E&P waste activity resulted from a continued decrease in drilling activity throughout the period. Finally, Intermodal and Other contributed 2.9% to total revenues, and marginally increased to $14.9 millionfrom $14.5 million in the prior-year quarter.Balance Sheet & Cash FlowWaste Connections had cash and cash equivalents of $9.3 million and long-term debt and notes payable of $ 2,066.1 million.Net cash from operating activities in the reported quarter was $164.7 million compared with $162.6 million in the year-ago period. For the quarter, adjusted free cash flow was $113.6 million compared with $122.9 million in the prior-year period.The company expects its merger with Progressive Waste Solutions Ltd to close by the end of the second quarter of 2016.Waste Connections carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Quest Resource Holding Corporation QRHC, Republic Services, Inc. RSG and Waste Management, Inc. WM. All three stocks carry a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WASTE MGMT-NEW (WM): Free Stock Analysis Report REPUBLIC SVCS (RSG): Free Stock Analysis Report WASTE CONNCTION (WCN): Free Stock Analysis Report QUEST RES HLDG (QRHC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research