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|FOR IMMEDIATE RELEASE|| |
Waste Management Announces Fourth Quarter
and Full-Year 2014 Earnings
Company reports strong cash generation and earnings
in 2014 and expects continued strength in 2015
HOUSTON February 17, 2015 Waste Management, Inc. (NYSE: WM) today announced financial results for the fourth quarter and for the year ended December 31, 2014. Revenues for the fourth quarter of 2014 were $3.44 billion compared with $3.50 billion for the same 2013 period. Net income (a) for the quarter was $590 million, or $1.28 per diluted share, compared with a net loss of $605 million, or a negative $1.29 per diluted share, for the fourth quarter of 2013. On an as-adjusted basis, excluding certain items, net income would have been $308 million, or $0.67 per diluted share, in the fourth quarter of 2014 compared with $263 million, or $0.56 per diluted share, in the fourth quarter of 2013.(b)
The Companys as-adjusted fourth quarter 2014 results excluded a tax affected $0.61 per diluted share impact primarily from a gain on sale of the Companys waste-to-energy business offset in part by charges to impair certain assets.
For the full year 2014, the Company reported revenues of $14.00 billion compared with $13.98 billion for 2013. Earnings per diluted share were $2.79 for the full year 2014 compared with $0.21 for the full year 2013. On an as-adjusted basis, excluding certain items, earnings per diluted share were $2.48 for the full-year 2014 versus $2.15 for the full-year 2013.(b)
David P. Steiner, President and Chief Executive Officer of Waste Management commented, We built strong momentum during the first three quarters of 2014, and that momentum continued into the fourth quarter. Our strong pricing and cost controls delivered growth in our traditional solid waste business as income from operations grew $36 million and income from operations margin rose by 130 basis points compared to the fourth quarter of 2013. In addition, operating EBITDA in the traditional solid waste business grew by $25 million and operating EBITDA margins expanded by 100 basis points.(b) For the seventh consecutive quarter, our yield was at least 2.0% and volumes improved sequentially for the fourth consecutive quarter. Our cost of operations improved by $97 million and as a percent of revenue improved 170 basis points compared to the prior year fourth quarter.
In looking at the full year, we are very pleased with our overall operating results as we grew income from operations, operating EBITDA, income from operations margin, and operating EBITDA margin in our traditional solid waste business. At the beginning of the year, we expected to grow earnings and free cash flow, increase price, and have more discipline around SG&A costs and capital spending. We had strong performance in each of these areas and we anticipate building upon that strength in 2015.
KEY HIGHLIGHTS FOR THE FOURTH QUARTER 2014 AND THE FULL YEAR 2014
Revenue in the fourth quarter decreased by 1.8%, or $63 million, but would have been slightly up if not for a $48 million decline related to divestitures of certain operations and an $18 million decline related to foreign currency translation
FOR MORE INFORMATION
The following information was filed by Waste Management Inc (WM) on Tuesday, February 17, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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