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|FOR IMMEDIATE RELEASE|
Waste Management Announces Fourth
Quarter and Full-Year 2015 Earnings
Company exceeds 2015 expectations
Expects continued momentum through 2016
HOUSTON February 18, 2016 Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended December 31, 2015. Revenues for the fourth quarter of 2015 were $3.25 billion compared with $3.44 billion for the same 2014 period. Net income for the quarter was $273 million, or $0.61 per diluted share, compared with net income of $590 million, or $1.28 per diluted share, for the fourth quarter of 2014. On an as-adjusted basis, net income would have been $320 million, or $0.71 per diluted share, in the fourth quarter of 2015 compared with $278 million, or $0.60 per diluted share, in the fourth quarter of 2014.(b)
The Companys fourth quarter 2015 results have been adjusted to exclude approximately $0.10 per diluted share of net after-tax charges primarily related to the impairment of certain assets as a result of the pronounced decrease in oil and gas prices. The Companys as-adjusted fourth quarter 2014 results exclude a tax affected $0.68 per diluted share impact primarily from the sale of the Companys waste-to-energy business and other assets divested in 2014.(b)
For the full year 2015, the Company reported revenues of $13 billion, compared with $14 billion for 2014. Earnings per diluted share were $1.65 for the full year 2015 compared with $2.79 for the full year 2014. On an as-adjusted basis, earnings per diluted share were $2.61 for the full-year 2015 versus $2.30 for the full-year 2014.(b)
David P. Steiner, President and Chief Executive Officer of Waste Management, commented, In 2015 we maintained our commitment to core price, disciplined growth, and cost controls. The continued improvement in these areas is reflected in our key operating metrics in our fourth quarter and full year results, leading to year-over-year improvements in adjusted operating income and margin and operating EBITDA and margin.(c)
In the fourth quarter, the trend toward positive volumes continued, with internal revenue growth from volume in our traditional solid waste business improving 60 basis points compared to the fourth quarter of 2014. We saw improving volume trends across our industrial and commercial lines of business. We are encouraged by the positive momentum we are seeing in these volumes and expect them to continue to improve throughout 2016. Our continued focus on core price and costs, combined with improving volumes, position us for strong cash generation in 2016 and beyond.
KEY HIGHLIGHTS FOR THE FOURTH QUARTER 2015 AND THE FULL YEAR 2015
In the fourth quarter, the Company saw a $50 million increase in internal revenue growth from its traditional solid waste business and a $59 million increase in revenues from acquisitions. However, overall revenue declined by 5.6%, or $191 million. That revenue decline stemmed from a $163 million decline from divestitures, $43 million in lower fuel surcharge revenues, $34 million in lower
The following information was filed by Waste Management Inc (WM) on Thursday, February 18, 2016 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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