FOR IMMEDIATE RELEASE

Waste Management Announces Fourth Quarter and Full Year 2011 Earnings

Revenue and Cash Flow Show Strong Improvement

HOUSTON – February 16, 2012 – Waste Management, Inc. (NYSE: WM) today announced financial results for its fourth quarter and for the year ended December 31, 2011. Revenues for the fourth quarter of 2011 were $3.41 billion compared with $3.19 billion for the same 2010 period. Net income

(a) for the quarter was $266 million, or $0.58 per diluted share, compared with $281 million, or $0.59 per diluted share, for the fourth quarter of 2010. Several items impacted results in the 2011 and 2010 fourth quarters. Excluding these items, net income would have been $289 million, or $0.63 per diluted share, in the fourth quarter of 2011 compared with $287 million, or $0.60 per diluted share, in the fourth quarter of 2010, an increase in earnings per diluted share of 5% on an adjusted basis.(b)

For the full year 2011, the Company reported revenues of $13.38 billion compared with $12.52 billion for 2010. Earnings per diluted share were $2.04 for the full year 2011 compared with $1.98 for the full year 2010. During fiscal years 2011 and 2010, several items impacted the full year results. On an as-adjusted basis taking those items into account, earnings per diluted share were $2.14 for the full year 2011 and $2.09 for the full year 2010.(b)

As adjusted, results in the fourth quarter of 2011 excluded a negative $0.05 per diluted share consisting of the following:

 

   

A $16 million after-tax charge for a litigation loss.

 

   

A total of $7 million in after-tax impacts from charges for asset impairments, restructuring charges related to the Company’s cost improvement programs, and the results of the acquired Oakleaf operations and related integration costs.

David P. Steiner, President and Chief Executive Officer of Waste Management, commented, “We had a very good fourth quarter. Our core collection, landfill, and transfer station businesses performed well. We continued to see volumes improve sequentially and we had internal revenue growth from yield of 1.4%. We also saw accelerated improvement in our cost reduction initiatives.

“During 2011, we continued to produce strong cash flow and return cash to our shareholders. For the full year, our net cash provided by operating activities was $2.47 billion, we generated over $1.22 billion of adjusted free cash flow and we returned $1.21 billion to our shareholders.”(b)

KEY HIGHLIGHTS FOR THE FOURTH QUARTER 2011 AND THE FULL YEAR 2011

 

   

Revenue in the fourth quarter increased by 6.9%, or $219 million, with $145 million of the growth coming from acquired Oakleaf operations. For the full year, revenue increased by 6.9%, or $863 million, with $251 million of the growth coming from acquired Oakleaf operations.

Exhibit 99.1

FOR MORE INFORMATION

Waste Management

Web site

www.wm.com

Analysts

Ed Egl

713.265.1656

eegl@wm.com

Media

Lynn Brown

713.394.5093

lynnbrown@wm.com

 


The following information was filed by Waste Management Inc (WM) on Thursday, February 16, 2012 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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