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FOR IMMEDIATE RELEASE | EXHIBIT 99.1 |
Waste Management Announces Fourth Quarter and Full Year 2016 Earnings
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Full year Net Cash Provided by Operations grew more than 18% The Company expects continued strong earnings and operational performance in 2017
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FOR MORE INFORMATION
Waste Management
Web site www.wm.com
Analysts Ed Egl 713.265.1656 eegl@wm.com
Media Toni Beck 713.394.5093 tbeck3@wm.com | |
HOUSTON February 16, 2017 Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended December 31, 2016. Revenues for the fourth quarter of 2016 were $3.46 billion, compared with $3.25 billion for the same 2015 period. Net income for the quarter was $335 million, or $0.75 per diluted share, compared with net income of $273 million, or $0.61 per diluted share, for the fourth quarter of 2015.(a) On an as-adjusted basis, net income was $320 million, or $0.71 per diluted share, in the fourth quarter of 2015.(b)
Income from operations in the fourth quarter of 2016 was $617 million compared to $502 million, or $575 million on an as-adjusted basis, for the same 2015 period. Operating EBITDA was $930 million in the fourth quarter of 2016 compared to $803 million, or $876 million on an as-adjusted basis, in the fourth quarter of 2015.(b)
For the full year 2016, the Company reported revenues of $13.6 billion, compared with $13.0 billion for 2015. Earnings per diluted share were $2.65 for the full year 2016 compared with $1.65 for the full year 2015. On an as-adjusted basis, earnings per diluted share were $2.91 for the full year 2016 versus $2.61 for the full year 2015.(b)
For the full year 2016, income from operations was $2.30 billion, or $2.41 billion on an as-adjusted basis, compared to $2.05 billion, or $2.19 billion on an as-adjusted basis, for 2015. For the full year of 2016, operating EBITDA was $3.60 billion, or $3.71 billion on an as-adjusted basis, compared to $3.29 billion in 2015, or $3.43 billion on an as-adjusted basis.(b)
Jim Fish, President and Chief Executive Officer of Waste Management, commented, In 2016 we continued our focus on core price, disciplined volume growth, and cost control.(c) Our results in each of these areas exceeded our expectations, which led to operating EBITDA growth of 8.1% on an as-adjusted basis.(b)
The fourth quarter saw internal revenue growth from each of yield and total Company volume achieve 2.0% or greater. This is the first time we have achieved this result in over a decade. This revenue growth drove significant increases in net cash provided by operating activities and free cash flow.(b) We will maintain our focus on driving core price, growing high margin volumes, and controlling costs, positioning us for strong earnings and cash generation in 2017.
KEY HIGHLIGHTS FOR THE FOURTH QUARTER AND THE FULL YEAR 2016
In the fourth quarter, overall revenue increased by 6.6%, or $214 million, from the same period in the prior year. The revenue increase was driven by positive yield and volume in the Companys collection and disposal business of $118 million. Acquisitions, net of divestitures, contributed $45 million of revenue growth to the fourth quarter. Recycling yield and volume also increased $51 million. For the full |
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The significantly higher proceeds from divestitures of businesses and other assets net of cash divested for the year ended December 31, 2014 compared to the years ended December 31, 2016 and 2015 is largely driven by the 2014 sales of i our Wheelabrator business for $1.95 billion ii our investment in Shanghai Environment Group, which was part of our Wheelabrator business, for $155 million and iii our Puerto Rico operations for consideration of $80 million, including $65 million in cash.
Our revenues decreased $1,035 million, or 7.4%, for the year ended December 31, 2015 as compared to the prior year, driven by i divestitures in 2014, principally our Wheelabrator business, our Puerto Rico operations, and certain landfill and collection operations in our Eastern Canada Area ii lower volumes iii lower revenues from our fuel surcharge program due to declining diesel fuel prices iv lower market prices for the recycling commodities we sell and v foreign currency translation.
When comparing our cash flows from operating activities for the year ended December 31, 2016 to the comparable period in 2015, the increase of $462 million is primarily related to i higher earnings from our Traditional Solid Waste business ii cash proceeds of $67 million from the termination of our
The increase in dividend payments is due to our quarterly per share dividend increasing from $0.375 in 2014 to $0.385 in 2015 and to $0.41 in 2016 and has been offset, in part, by a reduction in our common stock outstanding as a result of our common stock repurchase program.
lease payments and royalties viii...Read more
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i revenue growth from yield...Read more
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During 2015, the decrease in...Read more
Accounting for landfills requires that...Read more
While we will continue to...Read more
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Any future share repurchases will...Read more
The divestitures in 2014, primarily...Read more
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This increase was partially offset...Read more
Revenues increased $268 million and...Read more
Under current laws and regulations,...Read more
Indefinite-Lived Intangible Assets Other Than...Read more
The increase in revenues in...Read more
Property and Equipment, including Landfills...Read more
This cash payment was classified...Read more
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Financial Statements, Disclosures and Schedules
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Ticker: WM
CIK: 823768
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-046480
Submitted to the SEC: Thu Feb 16 2017 2:12:46 PM EST
Accepted by the SEC: Thu Feb 16 2017
Period: Saturday, December 31, 2016
Industry: Refuse Systems